Homework Answers
Using Compound interest formula calculated rate , quarterly compounded so that period (N) is 18*4= 72 , rate is 2.0075% per quarter it's multiple by 4 .
Final answer of rate =2.0075%*4=8.03%
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the following information to answer each question Allison wants to
save for retirement. She is 20 and wants to retire in 40 years. She
is considering two options and expects to earn an 8% annual return
under each option.
Option 1: She is considering contributing $6,000 per year to
an IRA for 10 years at which time she figures she will be tired of
self-deprivation save no more. The invested funds, however, will
continue to grow until she retires....
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