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please show working 1. Rachael Esteves a 45 year old woman, wishes to accumulate $350,000 over the next 15 years to supplement the retirement programs

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1. Rachael Esteves a 45 year old woman, wishes to accumulate $350,000 over the next 15 years to supplement the retirement programs that are being funded by the federal government and her employer. She expects to earn an average annual return of about 10% by investing in a low-risk portfolio containing about 25% short-term securities, 35% common stock and 40% bonds. Racheal currently has $47,900 that, at a 10% Annual rate of return, will grow to about $200,000 at the end of 15 years. Her financial advisor indicated that for every $1,000 Racheal wishes to accumulate at the end of the 15 years, she would have to make an annual investment of $31.57. Rachael plans to accumulate the needed funds by making equal, annual end of year investments over the next 15 years.

a. how much additional money does Rachael need to accumulate over time to reach her goal of $350,000?

b. how much must Rachael deposit annually to accumulate the sum calculated in part a over the next 15 years?

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