Question
You want to have $1 million in your savings account when you retire. You plan on investing a single lump sum today to fund this
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You want to have $1 million in your savings account when you retire. You plan on investing a single lump sum today to fund this goal. You are planning on investing in an account which will pay 7.5% annual interest with monthly compounding. Which of the following will reduce the amount that you must deposit today if you are to have your desired $1 million on the day you retire?
You want to have $1 million in your savings account when you retire. You plan on investing a single lump sum today to fund this goal. You are planning on investing in an account which will pay 7.5% annual interest with monthly compounding. Which of the following will reduce the amount that you must deposit today if you are to have your desired $1 million on the day you retire?
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Invest in a different account paying a higher rate of interest
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Invest in a different account paying same rate of interest with daily compounding
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Retire later
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Invest in a different account paying same annual rate of interest with semiannual compounding
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Salomon Smith Barney Guide To Mortgage Backed And Asset Backed Securities
Authors: Lakhbir Hayre
1st Edition
0471385875, 978-0471385875
