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Joyce already has $160,520 in one of her investment accounts that earns 6.2% compounded semi-annually. She has decided to contribute and additional $550 to the
- Joyce already has $160,520 in one of her investment accounts that earns 6.2% compounded semi-annually. She has decided to contribute and additional $550 to the investment at the start of each month until she retires in 20 months.
- a. How much will Joyce have in her investment when she retires? Round final dollar answer to 2 decimal places.
- b. What total additional contribution did Joyce make to her investment over the 20 months?
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To solve this problem we can break it down into two parts calculating the future value of Joyces initial investment and calculating the future value of her monthly contributions a Calculating the futu...
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Fundamentals of Investing
Authors: Scott B. Smart, Lawrence J. Gitman, Michael D. Joehnk
12th edition
978-0133075403, 133075354, 9780133423938, 133075400, 013342393X, 978-0133075359
