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1. You plan to contribute $1,500 to your account at the beginning of each of the next 9 years. Alternative investments of the same risk
1. You plan to contribute $1,500 to your account at the beginning of each of the next 9 years. Alternative investments of the same risk yield 3% return per year. What is the amount in your account at the end of the ninth year? | |||||||
2 | .Find the amount today which is equivalent to 5 payments of $690 each with an interest rate of 2%. | ||||||
Payments are made at the end of each year. | |||||||
3 | .You have $32,000 invested at 7%. You want to withdraw $8,000 at the end of each year, | ||||||
starting at the end of this year. How many years will it take to exhaust your funds, i.e., run the account down to zero? |
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