Define compounding. How is it used in financial planning?
Answer to relevant QuestionsDescribe some instances when deter-mining the present value of an amount is useful. Stacey would like to have $ 1 million available to her at retirement. Her investments have an average annual return of 11%. If she makes contributions of $ 300 per month, will she reach her goal when she retires in 30 years? How much will you have in 36 months if you invest $ 75 a month at 10% interest? What is the impact of the higher savings of $ 4,800 on their accumulated savings? What are FICA taxes? Describe the two portions of FICA and explain what they pay for. Who pays FICA?
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