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Example 17 year old Grace wants to be a millionaire before she is 40 years old. How much must she invest given a mutual fund earning 8%/a compounded monthly? She will be making monthly installments.

Example 17 year old Grace wants to be a millionaire before she is 40 years old. How much must she invest given a mutual fund earning 8%/a compounded monthly? She will be making monthly installments.

Algebra & Trigonometry with Analytic Geometry
Algebra & Trigonometry with Analytic Geometry
13th Edition
ISBN:9781133382119
Author:Swokowski
Publisher:Swokowski
Chapter1: Fundamental Concepts Of Algebra
Section1.2: Exponents And Radicals
Problem 31E
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Please answer the question and show all the steps. Use the formula given in the picture.

12:43 PM Sat Dec 11 88% FutureValue.pdf Example 17 year old Grace wants to be a millionaire before she is 40 years old. How much must she invest given a mutual fund earning 8%/a compounded monthly? She will be making monthly installments.
Transcribed Image Text:12:43 PM Sat Dec 11 88% FutureValue.pdf Example 17 year old Grace wants to be a millionaire before she is 40 years old. How much must she invest given a mutual fund earning 8%/a compounded monthly? She will be making monthly installments.
FV = R[(1+i)"-1] n 1 i
Transcribed Image Text:FV = R[(1+i)"-1] n 1 i
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