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.)
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.)
Chapter5: The Time Value Of Money
Section: Chapter Questions
Problem 39P
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Question
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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