Essay
You made your first $3,000 deposit today into a retirement account earning an average annual rate of 6%.How long will it take your deposit to reach a value of $50,000? How long will it take if instead you invest the money into an account earning 10% per year? After making your calculations,how does this information affect your decision-making regarding long-term investments?
Correct Answer:
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n = 
= = 48.28 years vs. = 29.52 years...View Answer
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Correct Answer:
Verified
= = 48.28 years vs. = 29.52 years...View Answer
Unlock this answer now
Get Access to more Verified Answers free of charge
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