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Do not use Excel. Set up the problem and use your calculator to assist in solving for the answer. Lisa wants to pay $2,200.77 per
Do not use Excel. Set up the problem and use your calculator to assist in solving for the answer. Lisa wants to pay $2,200.77 per quarter into her retirement account. Assume the account will have a fixed interest rate of 5.7%. a. Approximately how long will it take for her account to reach $711,000 ? (Answer: $30 years, 5 months) b. How much will the account have earned in total interest? (Hint: Use the TI formula for FVA and use the unrounded decimal value of your answer in a. above to find this.) (Answer: $442,941.20 )
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