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please do both Morgan Bowie is trying to determine the amount to set aside so that he will have enough money on hand in 5
please do both
Morgan Bowie is trying to determine the amount to set aside so that he will have enough money on hand in 5 years to overhaul the engine on his vintage used car. While there is some uncertainty about the cost of engine overhauls in 5 years, by conducting some research online, Morgan has developed the following estimates. Click here to view factor tables. How much should Morgan Bowie deposit today in an account earning 9\%, compounded annually, so that he will have enough money ophand in 5 years to pay for the overhaul? (Round factor values to 5 decimal places, e.g. 1.25124 and final answer to 0 decimal places, (:58,581. Click here to view factor tables. How much should Morgan Bowie deposit today in an account earning 9%, compounded annually, so that he will have enough money on hand in 5 years to pay for the overhaul? (Round factor values to 5 decimal places, e.g. 1.25124 and final answer to 0 decimal places, e.g. 458,581.) Deposit amount $ Alan, a super salesman contemplating retirement on his fifty-fifth birthday, decides to create a fund on a 8% basis that will enable him to withdraw $46,000 per year on June 30 , beginning in 2029 and continuing through 2033 . To develop this fund, Alan intends to make equal contributions on June 30 of each of the years 20252028. Click here to view factor tables (a) How much must the balance of the fund equal on June 30, 2029, in order for Alan to satisfy his objective? (Round factor values to 5 decimal places, e.g. 1.25124 and final answer to 2 decimal places, e.g. 4,585.81.) Balance of the fund equal on June 30,2029Step by Step Solution
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