Question: could you please show the work cuz i need to know it to study for my exam . Erika and Kitty, who are twins, have
could you please show the work cuz i need to know it to study for my exam
. Erika and Kitty, who are twins, have just received $30,000 each for their 25th birthday. Each sister plans to make a $5,000 annual contribution to her retirement fund on her birthday, beginning a year from today. Erika opened an account with a fund that provides a 6% return per year. Kitty invested in fund that provides a 20% return per year. How old will each sister be when she becomes a millionaire? . . b. How large should Erika's annual contributions have to be for her to become a millionaire at the same age as Kitty
Step by Step Solution
There are 3 Steps involved in it
1 Expert Approved Answer
Step: 1 Unlock
Question Has Been Solved by an Expert!
Get step-by-step solutions from verified subject matter experts
Step: 2 Unlock
Step: 3 Unlock
