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do both for a thumbs up Your cousin is currently 8 years old. She will be going to college in 10 years. Your aunt and
do both for a thumbs up
Your cousin is currently 8 years old. She will be going to college in 10 years. Your aunt and uncle would like to have $120,000 in a savings account to fund her education at that time. If the account promises to pay a fixed interest rate of 3.8% per year, how much money do they need to put into the account today to ensure that they will have $120,000 in 10 years? The amount they need to put away today is $ (Round to the nearest cent.) You are planning to invest $3,000 in an account earning 5% per year for retirement a. If you put the $3,000 in an account at age 23, and withdraw it 39 years later, how much will you have? b. If you wait 10 years before making the deposit, so that it stays in the account for only 29 years, how much will you have at the end? a. If you put the $3,000 in an account at age 23, and withdraw it 39 years later, how much will you have? In 39 years you would have $ (Round to the nearest cent.) Step by Step Solution
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