At age 32, Jessica decides to invest $3,600 per year in her retirement plan for 33 years,

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At age 32, Jessica decides to invest $3,600 per year in her retirement plan for 33 years, at which time she will be 65. She has decided to invest half of the funds in a stock fund and the other half in a mutual fund containing bonds.

Find the amount Jessica will have at age 65 assuming the stock fund averages 9% per year compounded annually and the mutual fund averages 6.5% per year compounded annually.

Posted Date: Nov 06, 2021 12:07 PM

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At age 32, Jessica decides to invest $3,600 per year in her retirement plan for 33 years,

Question:

Expert Answer:

Answer To find the amount Jessica will have at age 65 we can use the future value formula for compou... View the full answer

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