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annually on her account. a . How many years must Denise faithfully put away her money to succeed at becoming a millionaire? b . If
annually on her account.
a How many years must Denise faithfully put away her money to succeed at becoming a millionaire?
b If Denise switches to a monthly savings plan and puts onetwelfth of the $ away each month $ how much will she have in years at the APR?
c Why is the future value under the monthly savings plan more than the $ goal?
Next, let's assume Denise is now thirtyfive years old and thus has thirty years for saving toward her onemilliondollar goal. She anticipates an APR of on her investments.
d How much does she need to save each year to become a millionaire by age sixtyfive if she puts money away annually?
e How much does she need to save if she puts money away monthly?
f Why does it take more per month when she is putting money away at than when she was earning a lower rate of over the years?
Note: Ignore the effect of taxes on your calculations.
a If Denise puts away $ at the end of each year and earns annually on her account, how many years must she faithfully put away her money to succeed at becoming a millionaire? years Round to two decimal places.
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