Question
Today you deposit X dollars to your savings account and make no additional deposits. How long will it take to double your savings if you
Today you deposit X dollars to your savings account and make no additional deposits. How long will it take to double your savings if you earn 5 percent interest, compounded annually? A. 14.21 years B. 16.04 years C. 18.67 years D. 19.42 years E. 19.60 years
Janice plans to save $90 a month, starting her monthly deposits today, for 20 years. Kate plans to save $100 a month for 20 years, starting her monthly deposits one month from today. Both Janice and Kate expect to earn an average annual return of 7.5 percent, compounded monthly on their savings. At the end of the 20 years, Kate will have approximately ________ than Janice. A. $5,537.31 more B. $5,883.39 less C. $5,225.83 more D. $5,883.39 more E. $5,225.83 less
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started