Allison is 29 years old and plans to retire at age 65 with $1,470,000 in her retirement account. What amount would she have to set aside now in an investment paying 4% annual interest if the compounding is done daily (assume 365 days in a year)?
Allison is 29 years old and plans to retire at age 65 with $1,470,000 in her retirement account. What amount would she have to set aside now in an investment paying 4% annual interest if the compounding is done daily (assume 365 days in a year)?
Calculus For The Life Sciences
2nd Edition
ISBN:9780321964038
Author:GREENWELL, Raymond N., RITCHEY, Nathan P., Lial, Margaret L.
Publisher:GREENWELL, Raymond N., RITCHEY, Nathan P., Lial, Margaret L.
Chapter2: Exponential, Logarithmic, And Trigonometric Functions
Section2.1: Exponential Functions
Problem 53E: Interest Ron Hampton needs to choose between two investments: One pays 6% compounded annually, and...
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Part 1
Allison is
29
years old and plans to retire at age 65 with
$1,470,000
in her retirement account. What amount would she have to set aside now in an investment paying
4%
annual interest if the compounding is done
daily
(assume 365 days in a year)?Question content area bottom
Part 1
The amount to be invested now is
$enter your response here.
(Round to the nearest cent as needed.)
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