Suppose someone wants to accumulate $115,000for retirement in 30 years. The person has two choices. Plan A is a single deposit into an account with annual compounding and an APR of 5%. Plan B is a single deposit into an account with continuous compounding and an APR of 4.9%. How much does the person need to deposit in each account in order to reach the goal? The person must deposit $? into the account for Plan A to reach the goal of $115,000.
Suppose someone wants to accumulate $115,000for retirement in 30 years. The person has two choices. Plan A is a single deposit into an account with annual compounding and an APR of 5%. Plan B is a single deposit into an account with continuous compounding and an APR of 4.9%. How much does the person need to deposit in each account in order to reach the goal? The person must deposit $? into the account for Plan A to reach the goal of $115,000.
Chapter6: Exponential And Logarithmic Functions
Section6.1: Exponential Functions
Problem 68SE: An investment account with an annual interest rateof 7 was opened with an initial deposit of 4,000...
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Suppose someone wants to accumulate $115,000for retirement in 30 years. The person has two choices. Plan A is a single deposit into an account with annual compounding and an APR of 5%. Plan B is a single deposit into an account with continuous compounding and an APR of 4.9%. How much does the person need to deposit in each account in order to reach the goal?
The person must deposit $? into the account for Plan A to reach the goal of
$115,000.
The person must deposit $? into the account for Plan B to reach the goal of
$115,000.
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