Question: either explain the keystrokes on the calculator, or write the formula (with numbers 1.a. Your 15 year old niece earned $9,000 this summer by cutting

either explain the keystrokes on the calculator, or write the formula (with numbers

1.a. Your 15 year old niece earned $9,000 this summer by cutting grass. Because she lives with her parents, she decided to save all of her earnings. If she invested all $9,000 in an account that earns 9.75% interest per year and makes no other deposits to this account, how much will the account be worth 50 years from now (when she is at the traditional retirement age)?

1.b. Your 15 year old nephew is able to save $350 per month. If he invests $350 per month in an account that earns 9.75% interest (per year!), how much will he have in the account 50 years from now (when he is at the traditional retirement age)?

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Finance Questions!