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You are saving for retirement. To live comfortably, you decide you will need to save $ 3 , 0 0 0 , 0 0 0
You are saving for retirement. To live comfortably, you decide you will need to save
$3,000,000
by the time you are 65.
Today is your 29th
birthday, and you decide, starting today and continuing on every birthday up to and including your 65th
birthday, that you will put the same amount into a savings account. If the interest rate is 4%,
how much must you set aside each year to make sure that you will have $3,000,000
in the account on your 65th
birthday? You are saving for retirement. To live comfortably, you decide you will need to save
$3,000,000
by the time you are 65.
Today is your 29th
birthday, and you decide, starting today and continuing on every birthday up to and including your 65th
birthday, that you will put the same amount into a savings account. If the interest rate is 4%,
how much must you set aside each year to make sure that you will have $3,000,000
in the account on your 65th
birthday? Step by Step Solution
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Financial Institutions Management A Risk Management Approach
Authors: Marcia Cornett, Patricia McGraw, Anthony Saunders
8th edition
978-0078034800, 78034809, 978-0071051590
