3. Sally would like to save money every year for retirement in 30 years. She plans...

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3. Sally would like to save money every year for retirement in 30 years. She plans to start by depositing $1,000 next month in an account that pays 6% annual percentage rate. Afterwards, the amount of her deposit will grow by 0.5% each month. Which of the following will increase the total amount of savings she can have at retirement? I. Deposit a constant amount of $2,000 every month II. Deposit $1,500 in the first month and the savings grows by 0.2% each month III. Deposit $800 in the first month and the savings grows by 0.65% each month IV. Deposit in a different account that pays 6.2% effective annual rate. A. I and II only B. I and III only C. II and III only D. II and IV only E. III and IV only 3. Sally would like to save money every year for retirement in 30 years. She plans to start by depositing $1,000 next month in an account that pays 6% annual percentage rate. Afterwards, the amount of her deposit will grow by 0.5% each month. Which of the following will increase the total amount of savings she can have at retirement? I. Deposit a constant amount of $2,000 every month II. Deposit $1,500 in the first month and the savings grows by 0.2% each month III. Deposit $800 in the first month and the savings grows by 0.65% each month IV. Deposit in a different account that pays 6.2% effective annual rate. A. I and II only B. I and III only C. II and III only D. II and IV only E. III and IV only 3. Sally would like to save money every year for retirement in 30 years. She plans to start by depositing $1,000 next month in an account that pays 6% annual percentage rate. Afterwards, the amount of her deposit will grow by 0.5% each month. Which of the following will increase the total amount of savings she can have at retirement? I. Deposit a constant amount of $2,000 every month II. Deposit $1,500 in the first month and the savings grows by 0.2% each month III. Deposit $800 in the first month and the savings grows by 0.65% each month IV. Deposit in a different account that pays 6.2% effective annual rate. A. I and II only B. I and III only C. II and III only D. II and IV only E. III and IV only

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The detailed answer for the above question is provided below The correct answer is E III and IV only ... View the full answer