Question
Mike is currently 35 years old and plans on retiring at the age of 65. Ideally, Mike would like to retire with $1,000,000.00. A.How much
Mike is currently 35 years old and plans on retiring at the age of 65. Ideally, Mike would like to retire with $1,000,000.00.
A.How much would Mike have to deposit on a monthly basis to reach his goal if he can get a return of 10% compounded monthly?
B. If Mike can only deposit $350 on a monthly basis, what annual rate would he have to receive to reach his goal?
C.If Mike was quoted an APR of 11%, what is his effective annual rate with daily compounding?
if you can show steps on financial calculator that would be really helpful! thanks!
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Contemporary Business Mathematics with Canadian Applications
Authors: S. A. Hummelbrunner, Kelly Halliday, Ali R. Hassanlou, K. Suzanne Coombs
11th edition
134141083, 978-0134141084
