Clair is an Artificial Intelligence engineer who hopes to become a millionaire by her60th birthday, which is 360 months from today. Starting next month, she plans todeposit 15.00% of her monthly salary into an account that will pay interest of 5.00%p.a. How much does she need to make per month to achieve her goal?1) 6,007.752) 8,010.333) 8,563.314) None of the answers in this list is within $10 of the correct answer.5) 1,201.566) 6,705.23

Step 1: State the given: Future Value, F = $1,000,000number of period, m = 12 (monthly)number of…

Answered: Clair is an Artificial Intelligence…

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter5: The Time Value Of Money

Section: Chapter Questions

Problem 10P

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12) What annual rate of return would Jia need to earn if she deposits $20,000 per year into an account beginning one year from today in order to have a total of $1,000,000 in 30 years?
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6. If you desire to have $80,000 for a down payment for a house in 7 years, what amount would you need to deposit each year for these 7 years? Assume that your money will earn 10 percent per year. 7. Kate deposits $9,900 each yearinto her retirement account. If these funds have an average earning of 11 percent over the 40 years until her retirement, what will be the value of her retirement account?
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