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Stephen's Savings part 3 Q = mom0.045)I In 1997 Stephan worked for four months as a high school teacher, and while at that job he
Stephen's Savings part 3 Q = mom0.045)I In 1997 Stephan worked for four months as a high school teacher, and while at that job he deposited $160 into a retirement account which earned 4.5% per year. He listed his fiancee as the beneficiary should he pass away. He did indeed marry his ancee but then died shortly thereafter, leaving her no records of ever having this retirement account. In ten years, Stephan's account had grown considerably even though it was still not a huge dollar amount. How long would the account have needed to accrue interest for the balance to double? Enter your answer in the empty cell to the left. Think about how much money would be in the account when it had doubled. Then to use Excel with Goal Seek to determine the how long it would take to grow to that amount, and round your answerto two decimal places
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