Question
Please help with these questions. 1.You want to have $2.95 million when you retire in 37 years. You feel that you can save $680 per
Please help with these questions.
1.You want to have $2.95 million when you retire in 37 years. You feel that you can save $680 per month until you retire. What APR do you have to earn in order to achieve your goal?
2.Bad Company, Inc., has a major outlay of $1.7 million that is needed to renovate the company's manufacturing facility. Because the company's management is conservative, it won't undertake the renovation until it has the cash necessary to fund the renovation. The company plans to deposit $134,000 each quarter into an account that will earn 1.35 percent per quarter. How many years will it be until the company has the money saved for the renovation?
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