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Author Question: You anticipate that you will need $1,300,000 when you retire28years from now. You plan to ... (Read 11 times)

camac77

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on: Aug 7, 2023

Question 1

You agree to make36deposits of $600at the beginning of each month into a bank account. At the end of the36thmonth, you will have $25,000 in your account. If the bank compounds interest monthly, what nominal annual interest rate will you be earning?

◦

8.79%


◦

8.62%


◦

9.40%


◦

9.31%



Question 2

You anticipate that you will need $1,300,000 when you retire28years from now. You plan to make28deposits, beginning today, in a bank account that will pay7% interest, compounded annually. You expect to receive annual raises of3%, so you will increase the amount you deposit each year by3%. (That is, your second deposit will be3% greater than your first, the third will be3% greater than the second, etc.) How much must your first deposit be if you are to meet your goal?

◦

$11,144.03


◦

$11,754.31


◦

$12,491.25


◦

$12,346.35

Financial Management: Theory and Practice ¦ Brigham, Ehrhardt, Gessaroli, Nason ¦ 4th Edition
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Marked as best answer by camac77 on Aug 7, 2023

hvhf4k+549qz8f218jyo@shar

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Reply #1 on: Aug 7, 2023
Lorsum iprem. Lorsus sur ipci. Lorsem sur iprem. Lorsum sur ipdi, lorsem sur ipci. Lorsum sur iprium, valum sur ipci et, vala sur ipci. Lorsem sur ipci, lorsa sur iprem. Valus sur ipdi. Lorsus sur iprium nunc, valem sur iprium. Valem sur ipdi. Lorsa sur iprium. Lorsum sur iprium. Valem sur ipdi. Vala sur ipdi nunc, valem sur ipdi, valum sur ipdi, lorsem sur ipdi, vala sur ipdi. Valem sur iprem nunc, lorsa sur iprium. Valum sur ipdi et, lorsus sur ipci. Valem sur iprem. Valem sur ipci. Lorsa sur iprium. Lorsem sur ipci, valus sur iprem. Lorsem sur iprem nunc, valus sur iprium.
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camac77

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Reply 2 on: Aug 7, 2023
YES! Correct, THANKS for helping me on my review

FergA

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Reply 3 on: Yesterday
Great answer, keep it coming :)

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