Future value with periodic rates Denise has her heart set on being a millionaire. She decides…
Future value with periodic rates Denise has her heart set on being a
millionaire. She decides that at the end of every year, she will put
away $4,200 into her ” want to be a millionaire account at her local
bank. She expects to eam 6,5% annually on her account.
millionaire. She decides that at the end of every year, she will put
away $4,200 into her ” want to be a millionaire account at her local
bank. She expects to eam 6,5% annually on her account.
a. How many years
must Denise faithfully put away her money to succeed at becoming a
millionaire?
must Denise faithfully put away her money to succeed at becoming a
millionaire?
b. If Denise switches to a monthly savings plan and puts
one-twelfth of the SA 200 away each month (5360), how much will she have
in 44 years at the 6.5%
one-twelfth of the SA 200 away each month (5360), how much will she have
in 44 years at the 6.5%
c. Why is the future value under the monthly
savings plan more than the $1,000,000 goal?
savings plan more than the $1,000,000 goal?
a. I Denise puts away S4 200
at the end of each year and eams 6,5% annually on her account, how many
years must she faithfully put away her money to succeed at becoming a
millionaire? years (Round to two decimal places.)
at the end of each year and eams 6,5% annually on her account, how many
years must she faithfully put away her money to succeed at becoming a
millionaire? years (Round to two decimal places.)
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