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Please answers Part A and B. You are planning to invest $4,000 in an account earning 10% per year for retirement a. If you put
Please answers Part A and B.
You are planning to invest $4,000 in an account earning 10% per year for retirement a. If you put the $4,000 in an account at age 23, and withdraw it 47 years later, how much will you have? b. If you wait 10 years before making the deposit, so that it stays in the account for only 37 years, how much will you have at the end? Your cousin is currently 12 years old. She will be going to college in 6 years. Your aunt and uncle would like to have $95,000 in a savings account to fund her education at that time. If the account promises to pay a fixed interest rate of 3.6% per year, how much money do they need to put into the account today to ensure that they will have $95,000 in 6 years? The amount they need to put away today is $ . (Round to the nearest cent.)Step by Step Solution
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