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a) You want to triple your money in 10 years. What interest rate must you earn if the interest is compounded annually? b) Rickey plans
a) You want to triple your money in 10 years. What interest rate must you earn if the interest is compounded annually? b) Rickey plans to retire in 35 years. He can afford to save of $800 a month into an account that pays an interest of 6% compounded monthly. How much money will he be able to save for his retirement? c) You are planning to borrow today. You have two options: i) First Bank offers a rate of 7.16 percent compounded monthly. ii) Second Bank offers 7.35 percent compounded quarterly. Which bank will you choose and why? d) If you were to deposit $12,000 in retirement account that would earn interest of 7.5%, compounded annually for 20 years, how much would you have accumulated by the time you retire
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