Future value with periodic rates Denise has her heart set on being a millionaire. She...
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Future value with periodic rates Denise has her heart set on being a millionaire. She decides that at the end of every year, she will put away $4,200 into her " want to be a millionaire account at her local bank. She expects to eam 6,5% annually on her account. a. How many years must Denise faithfully put away her money to succeed at becoming a millionaire? b. If Denise switches to a monthly savings plan and puts one-twelfth of the SA 200 away each month (5360), how much will she have in 44 years at the 6.5% c. Why is the future value under the monthly savings plan more than the $1,000,000 goal? a. I Denise puts away S4 200 at the end of each year and eams 6,5% annually on her account, how many years must she faithfully put away her money to succeed at becoming a millionaire? years (Round to two decimal places.)
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