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Homework answers / question archive / 1)Leslie Mosallam, who recently sold her Porsche, placed $10,200 in a savings account paying annual compound interest of 5 percent
1)Leslie Mosallam, who recently sold her Porsche, placed $10,200 in a savings account paying annual compound interest of 5 percent.
Amount Annual Compounding Compounding
Account Holder |
Deposited |
Interest Rate |
Periods Per Year (M) |
Periods (Years) |
Theodore Logan III |
$ 900 |
12 % |
12 |
10 |
Vernell Coles |
94,000 |
10 |
4 |
3 |
Tina Elliot |
7,000 |
12 |
6 |
6 |
Wayne Robinson |
118,000 |
12 |
3 |
3 |
Eunice Chung |
30,000 |
12 |
2 |
4 |
Kelly Cravens |
16,000 |
10 |
1 |
4 |
(b ) ?
$ 2.5 million at the time of her retirement in 25 years. She has found a mutual fund that will earn 5 percent annually. How much will Sarah have to invest today? If Sarah earned an annual return of 17 percent, how soon could she then retire?
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