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[18 point] etin Ikmen, the owner of Sackville Plastics, has been investing $400 per month since the end of January 2010 to create a venture
[18 point] etin Ikmen, the owner of Sackville Plastics, has been investing $400 per month since the end of January 2010 to create a venture capital fund for his daughter to start her own business when she turns 25 at the end of January in 2030 . The investment fund is expected to earn an average of 6% APR annually (compounded monthly). a. [5 point] How much will she have to start her business? b. [4 point] How much interest will be earned over the 20 years? c. [3 point] He wanted to have $250,000 saved. How much should he have been saving at the end of each month? d. [6 point] It is too late to change his saving pattern, so it will just take longer to accumulate $250,000. Approximately how long will it take? [18 point] etin Ikmen, the owner of Sackville Plastics, has been investing $400 per month since the end of January 2010 to create a venture capital fund for his daughter to start her own business when she turns 25 at the end of January in 2030 . The investment fund is expected to earn an average of 6% APR annually (compounded monthly). a. [5 point] How much will she have to start her business? b. [4 point] How much interest will be earned over the 20 years? c. [3 point] He wanted to have $250,000 saved. How much should he have been saving at the end of each month? d. [6 point] It is too late to change his saving pattern, so it will just take longer to accumulate $250,000. Approximately how long will it take
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