Time value of money

Aug 2nd, 2016
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Solution to : you have just made a $1500 contribution to your individual retirement account

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Question 5If you retire in 25 years, the account will have an ending value of1500 * (1 + 0.087)25 = $12,073.If you wait 5 years to contribute, it will remain in the account for 20 years; the endingvalue of the account will be:1500 * (1 + 0.087)20 = $5,242Name: Time value of moneyDescripti

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