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# you plan to save $800 on a monthly basis in an interest bearing account with an annual interest rate of 3.25%. (a) If you plan to retire in 30 years, how much money will you have then for retirement assuming monthly compounding? (b) If you decide to reinvest your funds at maturity for an additional 3 years, under simple interest,

you plan to save $800 on a monthly basis in an interest bearing account with an annual interest rate of 3.25%.

(a) If you plan to retire in 30 years, how much money will you have then for retirement assuming monthly compounding?

(b) If you decide to reinvest your funds at maturity for an additional 3 years, **under simple interest,** and an annual interest rate of 4.25%,

How much money will you have at the end of the reinvestment process?

**Related Book For**

## Financial and Managerial Accounting

3rd Edition

Authors: Horngren, Harrison, Oliver

ISBN: 978-0132497978

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