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I'm having trouble with two problems. Please show your work so I can understand how to solve. Thanks! QUESTION 5 If you deposited $1,000 in
I'm having trouble with two problems. Please show your work so I can understand how to solve. Thanks!
QUESTION 5 If you deposited $1,000 in a bank account earning 5% per year, how long will it take for the money to triple? Around 15.75 years Around 22.5 years Around 30 years Around 35.25 years QUESTION 6 Mary has inherited money, and would like to go on vacation and also use some for retirement. She believes in her working life of 35 years, she should be able to save $6,000 every year which she plans to deposit in a money market account earning 6.5%. She would at least like to have $1.5 million when she retires. How much of her inheritance should she transfer into her money market account to be able to achieve her goal? O $25,600 $45,800 $83,400 124,240Step by Step Solution
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