An individual is 48 years old. At the end of each month, he deposits $320 in...
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An individual is 48 years old. At the end of each month, he deposits $320 in a retirement account that pays 5.44% interest compounded monthly (a) After 8 years, what is the value of the account? (b) if no further deposits or withdrawals are made to the account, what is the value of the account when the individual reaches age 65? An individual is 48 years old. At the end of each month, he deposits $320 in a retirement account that pays 5.44% interest compounded monthly (a) After 8 years, what is the value of the account? (b) if no further deposits or withdrawals are made to the account, what is the value of the account when the individual reaches age 65?
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Answer rating: 100% (QA)
a Hence The value of the account after 8 years is 3838257 ... View the full answer
Related Book For
Fundamentals of Corporate Finance
ISBN: 978-1259024962
6th Canadian edition
Authors: Richard Brealey, Stewart Myers, Alan Marcus, Devashis Mitra, Elizabeth Maynes, William Lim
Posted Date:
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