re in 20 years. She opens up a retirement account with an APR of 5.25% compounded monthly. She will invest $1,163 per month. Round the answer to two decimal places. a. How much money will be in Mary’s retirement account if she continues to make the same monthly investment for 20 years? b. By the time she retires Mary will have contributed how much of her own money overall? c. What percent of the final balance in Mary’s retirement account will
re in 20 years. She opens up a retirement account with an APR of 5.25% compounded monthly. She will invest $1,163 per month. Round the answer to two decimal places. a. How much money will be in Mary’s retirement account if she continues to make the same monthly investment for 20 years? b. By the time she retires Mary will have contributed how much of her own money overall? c. What percent of the final balance in Mary’s retirement account will
Chapter5: The Time Value Of Money
Section: Chapter Questions
Problem 19P
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Mary plans to retire in 20 years. She opens up a retirement account with an APR of 5.25% compounded monthly. She will invest $1,163 per month. Round the answer to two decimal places.
a. How much money will be in Mary’s retirement account if she continues to make the same monthly investment for 20 years?
b. By the time she retires Mary will have contributed how much of her own money overall?
c. What percent of the final balance in Mary’s retirement account will be interest?
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