Two friends, Alysha and Betty, are planning for their retirement. Both are 20 years old and plan on retiring in 40 years with$1,000,000 each. Betty plans on making annual deposits beginning in one year (total of 40 deposits) while Alysha plans on waitingand then depositing twice as much as Betty deposits.If both can earn 4.20 percent per year, how long can Alysha wait before she has to start making her deposits? (Round answer to 2decimal places, e.g. 125. Do not round your intermediate calculations.)Alysha can wait foryears

Period of deposit=n=40yearsInterest rate=r=4.2%Future value required=$1000000Alysha deposit=2 x…

Two friends, Alysha and Betty, are planning for their retirement. Both are 20 years old and plan on retiring in 40 years with $1,000,000 each. Betty plans on making annual deposits beginning in one year (total of 40 deposits) while Alysha plans on wai and then depositing twice as much as Betty deposits. If both can earn 4.20 percent per year, how long can Alysha wait before she has to start making her deposits? (Round answer decimal places, e.g. 125. Do not round your intermediate calculations.) Alysha can wait for years

Two friends, Alysha and Betty, are planning for their retirement. Both are 20 years old and plan on retiring in 40 years with $1,000,000 each. Betty plans on making annual deposits beginning in one year (total of 40 deposits) while Alysha plans on wai and then depositing twice as much as Betty deposits. If both can earn 4.20 percent per year, how long can Alysha wait before she has to start making her deposits? (Round answer decimal places, e.g. 125. Do not round your intermediate calculations.) Alysha can wait for years

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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