Question
Asked Feb 13, 2019
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3. A 45-year-old woman decides to put funds into a retirement plan. She can save $2,000 a year and earn 6 percent on this savings. a. How much will she have accumulated if she retires at age 65?

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Expert Answer

Step 1

Calculation of accumulated savings

There is 20 years between 45 to 65 years. Hence the duration of the retirement plan will be 20 years. The accumulated savings is calcula...

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