Question
Julie begins planning for retirement at the age of 22 by investing $11,000 she won from a scratch off lottery ticket that her boyfriend, Jack,
Julie begins planning for retirement at the age of 22 by investing $11,000 she won from a scratch off lottery ticket that her boyfriend, Jack, gave her for her birthday. (Note: While this was a remarkably fortunate event for Julie's financial future, her decision to invest the money instead of using it on an exotic vacation to wild and wonderful West Virginia led to the end of her relationship with Jack.) Julie invested the money in an account with an annual interest rate of 7.9% compounded monthly. Julie then made additional investments of $16,000 each at the ages of 30, 38, 46 and 54 into her account . Assume that no additional withdrawals/investments were made from/into the account. (a) What is the value of Julie's account when she retires at age 66? (Round your answer to the nearest cent.) $ (b) How much did Julie personally invest into her account? $ (c) How much has Julie made in interest? $
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