Suppose someone wants to accumulate $120,000 for retirement in 30 years. The person has two...
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Suppose someone wants to accumulate $120,000 for retirement in 30 years. The person has two choices. Plan A is a single deposit into an account with annual compounding and an APR of 7%. Plan B is a single deposit into an account with continuous compounding and an APR of 6.8%. How much does the person need to deposit in each account in order to reach the goal?
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