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please answer quick. i will upvote Fufure value with periodie rafes. Denise has her heart set on being a millionaire. She decides that at the
please answer quick. i will upvote
Fufure value with periodie rafes. Denise has her heart set on being a millionaire. She decides that at the end of every year, she will put away 34,000 into her "i want to be a account" at her local bank. She expects to eam 6% annually on her account, a. How many years must Denise faithifully put away her money to succeed at becoming a malionaire? b. If Denise switches to a monthly savings plan and puts one-tweith of the $4,000 away each month (\$333.33), how much will sha have in 4 a years at the 6% APR? c. Why is the future value under the monthly savings plan more than the $1,000,000 goal? Next, let's assume Denise is now thirfy-five years old and thus has thirty years for saving toward her one-million-doliar goal. She anticipates an APR of 9 . on her investmenta d. How much does she need to save each year to become a milionaire by age sixty-five if she puts money away anmually? e. How much does she need to save if she puts monoy away monthly? f. Why does it take more per month when she is putting money away at 9% than when she was earning a lower rate of 6% over the 48 years? Note: Ignore the effect of taxes on your calculations. Future value with periodic rates. Denise has her heart set on being a milionare. She decides that at the end of every year, ahe will put away 54 , oov into her 7 wans to be a milionare account at her local bank. She expects to eam 6% annually on her account. a. How many years must Denise fasehfully put away her money to succeed at becoming a millionaro? b. If Denise switches to a monthly savings plan and puts one-tweith of the $4,000 away each month (\$333.33), how much will the have in 48 years at the 6\% ipR? c. Why is the future value under the monthly sawings plan more than the $1,000,000 goal? Next, let's assume Denise is now thirty-five years old and thus has thirty years for saving toward her one-Inilton-dollar goal: she anticlpates an ApR of gel, on ter invectinents d. How much does she need to save each year to become a millionaire by age siafy-five it she puts money away annualy? e. How much does she need to save if she puts money away monthly? f. Why does it take more per month when she is putting money away at 9% than when she was earning a lower rate of 6% over the 48 years? Note: Igncre the elfoct of taxes on your calculations. Fufure value with periodie rafes. Denise has her heart set on being a millionaire. She decides that at the end of every year, she will put away 34,000 into her "i want to be a account" at her local bank. She expects to eam 6% annually on her account, a. How many years must Denise faithifully put away her money to succeed at becoming a malionaire? b. If Denise switches to a monthly savings plan and puts one-tweith of the $4,000 away each month (\$333.33), how much will sha have in 4 a years at the 6% APR? c. Why is the future value under the monthly savings plan more than the $1,000,000 goal? Next, let's assume Denise is now thirfy-five years old and thus has thirty years for saving toward her one-million-doliar goal. She anticipates an APR of 9 . on her investmenta d. How much does she need to save each year to become a milionaire by age sixty-five if she puts money away anmually? e. How much does she need to save if she puts monoy away monthly? f. Why does it take more per month when she is putting money away at 9% than when she was earning a lower rate of 6% over the 48 years? Note: Ignore the effect of taxes on your calculations. Future value with periodic rates. Denise has her heart set on being a milionare. She decides that at the end of every year, ahe will put away 54 , oov into her 7 wans to be a milionare account at her local bank. She expects to eam 6% annually on her account. a. How many years must Denise fasehfully put away her money to succeed at becoming a millionaro? b. If Denise switches to a monthly savings plan and puts one-tweith of the $4,000 away each month (\$333.33), how much will the have in 48 years at the 6\% ipR? c. Why is the future value under the monthly sawings plan more than the $1,000,000 goal? Next, let's assume Denise is now thirty-five years old and thus has thirty years for saving toward her one-Inilton-dollar goal: she anticlpates an ApR of gel, on ter invectinents d. How much does she need to save each year to become a millionaire by age siafy-five it she puts money away annualy? e. How much does she need to save if she puts money away monthly? f. Why does it take more per month when she is putting money away at 9% than when she was earning a lower rate of 6% over the 48 years? Note: Igncre the elfoct of taxes on your calculations Step by Step Solution
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