Question
Q1.You have just made your first $6,281 contribution to your retirement account. Assume you earn a(n) 13.7 percent rate of return and make no additional
Q1.You have just made your first $6,281 contribution to your retirement account. Assume you earn a(n) 13.7 percent rate of return and make no additional contributions. What will your account be worth when you retire in 44 years? (Round your final answer to two decimal places.)
Q2.
You can make your first $5,440 contribution to your retirement account today; however, your 1940s house could use some updating. If you use the money to renovate your home, you will have to wait 12 years to save another $5,440, at which point you will make the first contribution to your retirement account. Assume that you choose to do the renovations. Further, assume that you can earn a(n) 11 percent rate of return on your account. You will make no additional contributions beyond the initial contribution. What will your account be worth when you retire in 47 years? (Round your final answer to two decimal places.)
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