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Question 1 Sally is a recent college graduate. She has a plan for retirement as shown in the table below: Years Sally savings per year 1-10 $6,000 11-20 $10,000 21-30 $10,000 Sally expects to earn 7% per year on their savings. How much does Sally expect to have at the end of 30 years? Round your answer to the nearest dollar, for example 438597. Question 2 Mary and Fred both want to retire 10 years from now. The table shows the amount of money each has saved to date in their retirement account. Fred Mary $130,000 $884,000 Mary has decided she has saved enough, and she will not make any more deposits over the next 10 years. How much will Fred have to save per year for the next 10 years to end up with the same amount of money as Mary? Both Fred and Mary will earn 8% per year on their savings. Round your answer to the nearest dollar.

Question 1 Sally is a recent college graduate. She has a plan for retirement as shown in the table below: Years Sally savings per year 1-10 $6,000 11-20 $10,000 21-30 $10,000 Sally expects to earn 7% per year on their savings. How much does Sally expect to have at the end of 30 years? Round your answer to the nearest dollar, for example 438597. Question 2 Mary and Fred both want to retire 10 years from now. The table shows the amount of money each has saved to date in their retirement account. Fred Mary $130,000 $884,000 Mary has decided she has saved enough, and she will not make any more deposits over the next 10 years. How much will Fred have to save per year for the next 10 years to end up with the same amount of money as Mary? Both Fred and Mary will earn 8% per year on their savings. Round your answer to the nearest dollar.

Essentials Of Investments
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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D Question 1 Sally is a recent college graduate. She has a plan for retirement as shown in the table below: Years Sally savings per year 1-10 $6,000 11-20 $10,000 21-30 $10,000 Sally expects to earn 7% per year on their savings. How much does Sally expect to have at the end of 30 years? Round your answer to the nearest dollar, for example 438597. Question 2 Mary and Fred both want to retire 10 years from now. The table shows the amount of money each has saved to date in their retirement account. Fred Mary $130,000 $884,000 Mary has decided she has saved enough, and she will not make any more deposits over the next 10 years. How much will Fred have to save per year for the next 10 years to end up with the same amount of money as Mary? Both Fred and Mary will earn 8% per year on their savings. Round your answer to the nearest dollar.
Transcribed Image Text:D Question 1 Sally is a recent college graduate. She has a plan for retirement as shown in the table below: Years Sally savings per year 1-10 $6,000 11-20 $10,000 21-30 $10,000 Sally expects to earn 7% per year on their savings. How much does Sally expect to have at the end of 30 years? Round your answer to the nearest dollar, for example 438597. Question 2 Mary and Fred both want to retire 10 years from now. The table shows the amount of money each has saved to date in their retirement account. Fred Mary $130,000 $884,000 Mary has decided she has saved enough, and she will not make any more deposits over the next 10 years. How much will Fred have to save per year for the next 10 years to end up with the same amount of money as Mary? Both Fred and Mary will earn 8% per year on their savings. Round your answer to the nearest dollar.
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