Simon Has $ 8,714

question 58

Essay

Simon has $ 8,714.40 in his savings account. Without adding any additional funds to this account Simon would like to have $ 10,000 in it at the end of 4 years. What interest rate would Simon need in order to achieve his goal?

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Definitions:

Work-For-Hire Agreement

A contract where an employer owns the rights to the intellectual property created by an employee or contractor specifically for that employer during the course of employment or commission.

American Arbitration Association

A non-profit organization offering alternative dispute resolution services, including arbitration and mediation, to individuals and organizations.

Mediator

The third party in mediation whose job is to convince the contending parties to adjust or settle their dispute.