Question
Later in life, Devon convinces her friend Taylor to start saving for retirement as well. Even though Taylor is the same age as Devon, she
Later in life, Devon convinces her friend Taylor to start saving for retirement as well. Even though Taylor is the same age as Devon, she hasnt started saving for retirement yet. With only 20 years left until they both plan to retire, Taylor decides she needs to invest at least twice as much as Devon each month to try to catch up to Devons retirement plan. Taylor opens a similar retirement account to Devons that also has an APR 5.25% compounded monthly. She will invest (b) $___981.00_______ per month. Round answers to two decimal places. a. How much money will be in Taylors retirement account if she continues to make the same monthly investment for 20 years? (3 pt) b. By the time she retires, Taylor will have contributed how much of her own money overall? (4 pt) c. What percent of the final balance in Taylors retirement account will be interest?
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