A worker is planning to save 13% of his annual salary every year for 15 consecutive years,
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Question:
- A worker is planning to save 13% of his annual salary every year for 15 consecutive years, starting now. Such salary this year is RD$800,000.00, but he expects it to increase 6% annually. If the interest paid for his savings is 14% per year, will this worker be able to pay for his daughter's college tuition, buy a car and buy an apartment, investments that he estimates will add to RD$2,000,000 at the end of those 15 years?
Expert Answer:
To determine if the worker will be able to achieve his financial goals within 15 years we need to ca... View the full answer
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