suppose you start saving for retirement when you are 26 years old. You invest $5,000 the first year and increase this amount by 3% eac year to match inflation for a total of 20 years. The interest rate is 9% per year. 1. How much will you have in account immediately after making the last deposit at age 45. A. $56,478 OB. $316,525 C. $307,734 D. $617,544 2. How much will you have, if the interest rate was only 3% per year (instead of 9%)? 0100 011

suppose you start saving for retirement when you are 26 years old. You invest $5,000 the first year and increase this amount by 3% eac year to match inflation for a total of 20 years. The interest rate is 9% per year. 1. How much will you have in account immediately after making the last deposit at age 45. A. $56,478 OB. $316,525 C. $307,734 D. $617,544 2. How much will you have, if the interest rate was only 3% per year (instead of 9%)? 0100 011

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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