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An enterprising student is planning to have personal savings totaling $1,000,000 when she retires at age 65. She is now 20 years old. If the annual interest rate will average 7% over the next 45 years on her savings account, what equal end-of-year amount must she save to accomplish her goal

An enterprising student is planning to have personal savings totaling $1,000,000 when she retires at age 65. She is now 20 years old. If the annual interest rate will average 7% over the next 45 years on her savings account, what equal end-of-year amount must she save to accomplish her goal

Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)
Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)
7th Edition
ISBN:9780357033609
Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Chapter4: Managing Your Cash And Savings
Section: Chapter Questions
Problem 7FPE: Calculating interest earned and future value of savings account. If you put 6,000 in a savings...
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An enterprising student is planning to have personal savings totaling $1,000,000 when she retires at age 65. She is now 20 years old. If the annual interest rate will average 7% over the next 45 years on her savings account, what equal end-of-year amount must she save to accomplish her goal.
3. An enterprising student is planning to have personal savings totaling $1,000,000 when she retires at age 65. She is now 20 years old. If the annual interest rate will average 7% over the next 45 years on her savings account, what equal end-of-year amount must she save to accomplish her goal.
Transcribed Image Text:3. An enterprising student is planning to have personal savings totaling $1,000,000 when she retires at age 65. She is now 20 years old. If the annual interest rate will average 7% over the next 45 years on her savings account, what equal end-of-year amount must she save to accomplish her goal.
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