Next, let's assume Denise is now thirty-five years old and thus has thirty years for saving toward her one-million-dollar goal. She anticipates an APR of 9.5% on her investments. d. How much does she need to save each year to become a millionaire by age sixty-five if she puts money away annually? e. How much does she need to save if she puts money away monthly? f. Why does it take more per month when she is putting money away at 9.5% than when she was earning a lower rate of 6.5% over the 43 years?
Next, let's assume Denise is now thirty-five years old and thus has thirty years for saving toward her one-million-dollar goal. She anticipates an APR of 9.5% on her investments. d. How much does she need to save each year to become a millionaire by age sixty-five if she puts money away annually? e. How much does she need to save if she puts money away monthly? f. Why does it take more per month when she is putting money away at 9.5% than when she was earning a lower rate of 6.5% over the 43 years?
Excel Applications for Accounting Principles
4th Edition
ISBN:9781111581565
Author:Gaylord N. Smith
Publisher:Gaylord N. Smith
Chapter27: Time Value Of Money (compound)
Section: Chapter Questions
Problem 8E
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