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45.) Solve the following: Mai Lee has contributed $200 at the end of each month into her company's employee retirement account for the past 10
45.) Solve the following:
Mai Lee has contributed $200 at the end of each month into her company's employee retirement account for the past 10 years. Her employer has matched her contribution each month. If the account has earned interest at the rate of 8% per year compounded monthly over the 10 year period, determine how much Mai Lee now has in her retirement account. a. Future Value with compound interest b. Present Value with compound interest c. Future Value of an Annuity d. Present Value of an Annuity e. Sinking Fund f. Amortization At the time of retirement a couple has $250,000 in account that pays 8.4% compounded monthly. If the couple decides to withdraw from the account monthly for 10 years, how much should they withdraw every month if they don't want any money in the account after those 10 years? a. Future Value with compound interest b. Present Value with compound interest c. Future Value of an Annuity d. Present Value of an Annuity e. Sinking FundStep by Step Solution
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