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c) Linda invested $1500 today in a fund that earns 8% annually. To what amount will...

c) Linda invested $1500 today in a fund that earns 8% annually. To what amount will the investment grow in 3 years?

d) Tonya, age 22, just started working full-time and plans to deposit $5,000 annually into an IRA earning 8 percent interest compounded annually. How much would she have in 20 years? What if she left it in there until she retires at 62? What if she waits another 10 years before she starts saving? How much will she have when she reaches 62?

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Answer #1

Future value Present value x (1+in)Ant Amount in 3 years$1,889.57 1,500 x (1+89)^(3)

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