1 you deposit 1900 in your bank accounta if the bank pays 4, Ask an Expert

Finance

1) You deposit $1,900 in your bank account.

a. If the bank pays 4% simple interest, how much will you accumulate in your account after 10 years? Future value $

b. How much will you accumulate if the bank pays compound interest? (Do not round intermediate calculations. Round your answer to 2 decimal places.) Future value $

2) You believe you will need to have saved $440,000 by the time you retire in 40 years in order to live comfortably.

If the interest rate is 7% per year, how much must you save each year to meet your retirement goal? (Do not round intermediate calculations. Round your answer to 2 decimal places.) Annual savings $

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Financial Management, Finance

Category:- Financial Management
Reference No.:- M92713151

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