Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

You are planning to invest $ 9 comma 0 0 0 $ 9 , 0 0 0 in an account earning 1 1 1 1

You are planning to invest $ 9 comma 000$9,000 in an account earning 1111% per year for retirement.
a. If you put the $ 9 comma 000$9,000 in an account at age23, and withdraw it 3838 years later, how much will you have?
b. If you wait 10 years before making the deposit, so that it stays in the account for only 2828years, how much will you have at the end?
Question content area bottom
Part 1
a. If you put the $ 9 comma 000$9,000 in an account at age23, and withdraw it 3838 years later, how much will you have?
In 3838 years you would have $enter your response here. (Round to the nearest cent.)
Part 2
b. If you wait 10 years before making the deposit, so that it stays in the account for only 2828years, how much will you have at the end?
In 2828 years you would have $enter your response here. (Round to the nearest cent.)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

More Books

Students also viewed these Finance questions