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need help asap please - Editing Vio Cane has an investment account (Account #1) with a current balance of $175,000. Cane plans to contribute approximately
need help asap please
- Editing Vio Cane has an investment account (Account #1) with a current balance of $175,000. Cane plans to contribute approximately $1,250 to the account each month until he retires. The account has averaged a return of about 7.5% (APR), compounded monthly, and that is expected to continue. Cane also has an IRA (Account #2). It has a current balance of $42,500. He plans to contribute an additional $4,000 to that account each year until he retires. The IRA has averaged a return of about 5.00% annually, compounded annually, and this is also expected to continue Cane plans to retire in about 25 years. (a) What will be the balance in Account #1 when Cane retires? (2 points) (6) What will be the balance in the IRA (Account #2) when Cane retires? (2 points) (c) How much will Cane have in total when he retires if he combines the balances of both accounts into one (1) account? (1 point) Step by Step Solution
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