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You just received a generous birthday present from your favorite Uncle - - $ 1 , 0 0 0 ( partly a reward for the
You just received a generous birthday present from your favorite Uncle $partly a reward for the excellent grades you've been getting at Pace You plan on investing this cash and expect to earn a return of per year, compounded annually.
a How much will you have available in years?
b Your goal is to have $ available in years. What rate of return rounded to decimal places compounded annually, would you have to earn to achieve your goal?
c The rate of return in part b above involves too much risk. If the maximum risk you're willing to accept involves a rate of return of per year, compounded annually, how long rounded to decimal places will it take to achieve your goal of $
d Suppose you could earn a rate of return of per year, compounded daily. How long would it take to achieve your goal now?
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