3. Laurie and Joe both plan to save $220 000 over 6 years. Laurie saves by...
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3. Laurie and Joe both plan to save $220 000 over 6 years. Laurie saves by making regular monthly deposits in a GIC that earns 6.7% per year compounded monthly. Joe saves by making regular monthly deposits in a high-performance mutual fund that earns 8% per year compounded monthly. a) Determine the monthly deposit for each savings plan. b) How much extra interest does Joe earn? Justify your answer. 3. Laurie and Joe both plan to save $220 000 over 6 years. Laurie saves by making regular monthly deposits in a GIC that earns 6.7% per year compounded monthly. Joe saves by making regular monthly deposits in a high-performance mutual fund that earns 8% per year compounded monthly. a) Determine the monthly deposit for each savings plan. b) How much extra interest does Joe earn? Justify your answer.
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Monthly deposits by Laurie Monthly deposits will be PMT function of below variables Inpu... View the full answer
Related Book For
College Mathematics for Business Economics Life Sciences and Social Sciences
ISBN: 978-0321614001
12th edition
Authors: Raymond A. Barnett, Michael R. Ziegler, Karl E. Byleen
Posted Date:
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