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As a teenager, Enrique learned a valuable lesson from his dad, who told him to invest $1,000 at 8 percent interest at age 20 and
As a teenager, Enrique learned a valuable lesson from his dad, who told him to invest $1,000 at 8 percent interest at age 20 and leave the money alone until age 65. Enrique's dad knew that one strategy used by wealthy people is to exercise self-discipline and never touch a long-term savings plan. Enrique is happy to apply his dad's advice. (For Questions 2-6) 2) Approximately how long will it take Enrique's investment to grow into $2,000? 3) If he sticks to the plan, Enrique's savings will grow to approximately 62. by age 4) If Enrique leaves the money in the account until he is 68, by approximately what amount would the balance increase between his 62nd and 68th years? 5) If his savings account earns a more aggressive 14 percent annual rate of return, Enrique's savings will be worth approximately _more by age 08. 6)Suppose the annual rate of return is 15 percent. At this rate, when will Enrique reach the $500,000 mark
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