You come out of college and take a job paying $50,000. Assuming you get raises of...

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You come out of college and take a job paying $50,000. Assuming you get raises of 3% a year, how long will it take before your salary reaches $155,000? (5 points) You can invest $10,000 in Bank 1 at a rate of 8.5% for 7 years. You can also invest in Bank 2 at a rate of 7%. How much must you invest in Bank 2 to have the same amount at the end of 7 years? (5 points) You come out of college and take a job paying $50,000. Assuming you get raises of 3% a year, how long will it take before your salary reaches $155,000? (5 points) You can invest $10,000 in Bank 1 at a rate of 8.5% for 7 years. You can also invest in Bank 2 at a rate of 7%. How much must you invest in Bank 2 to have the same amount at the end of 7 years? (5 points)

Answer rating: 100% (QA)

It will take 24 years for your salary to reach 155 000 if you get a 3 raise annually This is because ... View the full answer