A young engineer's stating salary is 56,000. The engineer expects annual raises of 3%. The engineer...
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A young engineer's stating salary is 56,000. The engineer expects annual raises of 3%. The engineer will deposit 15% of the annual salary at the end of each year in a savings account. What is the savings interest rate must be so that there will be $200, 000 in savings for a business start-up after 15 years? Your spreadsheet must include at least columns for the year (year 1, year 2 .), the year's salary, the year's deposit, and the year's cumulative savings. Show the formula you use for calculation. A young engineer's stating salary is 56,000. The engineer expects annual raises of 3%. The engineer will deposit 15% of the annual salary at the end of each year in a savings account. What is the savings interest rate must be so that there will be $200, 000 in savings for a business start-up after 15 years? Your spreadsheet must include at least columns for the year (year 1, year 2 .), the year's salary, the year's deposit, and the year's cumulative savings. Show the formula you use for calculation.
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he derivation of calculations in each necessary column has been written in the header row of the rel... View the full answer
Related Book For
Finite Mathematics and Its Applications
ISBN: 978-0134768632
12th edition
Authors: Larry J. Goldstein, David I. Schneider, Martha J. Siegel, Steven Hair
Posted Date:
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