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You want to retire in 40 yeras with 1M in the bank. You can save 350 per month at the end of each month. ANSWERS

You want to retire in 40 yeras with 1M in the bank. You can save 350 per month at the end of each month. ANSWERS ARE GIVEN - PLEASE SHOW THE PROCESS TO GET THE ANSWER.

a. What annual percentage rate (APR) do you need to earn to achieve this goal?

ANS: 7.3% per year

b. What is your effective rate (EAR)?

ANS: 7.55% per year

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