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please solve Problem 8-24 (algorithmic) Question Help 0 Doris plans to save $5,000 per year for the next 34 years. Her money will be deposited
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Problem 8-24 (algorithmic) Question Help 0 Doris plans to save $5,000 per year for the next 34 years. Her money will be deposited in a stock market index fund that has a 0.5% annual management fee. If this fund earns 8% per year, how much will Doris save by investing in this fund instead of an actively managed mutual fund that has a 19 annual fee? Compute your answer as a future amount at the end of year 34. Assume that payments are made at the end of year. Click the icon to view the interest and annuity table for discrete compounding when :=8% per year The future equivalent of savings amount at the end of year 34 is $49.50 thousand. (Round to two decimal places)Step by Step Solution
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