Question
II. Janette deposits $2200 per year at the end of each year for the next twenty years into a retirement account that earns an interest
II. Janette deposits $2200 per year at the end of each year for the next twenty years into a retirement account that earns an interest rate of 5% annually. She intends to retire at that time, but that decision will depend upon how much she will have at the end of those twenty years. a. Solve the problem and determine how much she will have at the end of twenty years. b. If she feels she needs more than that amount when she retires, how much will she have if she invests the amount at the end of those twenty years for an additional five years earning 6% interest? (She is making a lump sum investment, not making any additional payments during those extra five years.) Show your work.
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