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A is future value P is Principal r is annual interest rate = 0.06% n is number of years invest Jean: Pjean = $10,000 = njean © 35 years (10+25) A = P * (1+r) n Where AJEAN = $10,000 * (1 + 0.06) 35 = $77,830 Doug: Pdoug = $25,000 ndoug = : 24 years (41 to 65 years old) (A) If Jean's and Doug's retirement plans earn interest of 6% per year, how much will they have accumulated (principal plus interest) when they reach 65 years old? AJEAN $10,000 * (1 + 0.06) 35 = $77,830 = Adoug = $25,000 * (1 + 0.06) 24 = $155,825

A is future value P is Principal r is annual interest rate = 0.06% n is number of years invest Jean: Pjean = $10,000 = njean © 35 years (10+25) A = P * (1+r) n Where AJEAN = $10,000 * (1 + 0.06) 35 = $77,830 Doug: Pdoug = $25,000 ndoug = : 24 years (41 to 65 years old) (A) If Jean's and Doug's retirement plans earn interest of 6% per year, how much will they have accumulated (principal plus interest) when they reach 65 years old? AJEAN $10,000 * (1 + 0.06) 35 = $77,830 = Adoug = $25,000 * (1 + 0.06) 24 = $155,825

Introduction to Chemical Engineering Thermodynamics
Introduction to Chemical Engineering Thermodynamics
8th Edition
ISBN:9781259696527
Author:J.M. Smith Termodinamica en ingenieria quimica, Hendrick C Van Ness, Michael Abbott, Mark Swihart
Publisher:J.M. Smith Termodinamica en ingenieria quimica, Hendrick C Van Ness, Michael Abbott, Mark Swihart
Chapter1: Introduction
Section: Chapter Questions
Problem 1.1P
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is this how u would of solved this problem. 

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On her 31st birthday, Jean invests $1,000 into her employer’s retirement plan, and she continues to make $1,000 payments for 10 years. So, her total contribution (principal) is $10,000. Jean then stops making payments into her plan and keeps her money in the savings plan untouched for 25 more years. Doug, on the other hand, starts putting money aside on his 41st birthday when he deposits $1,000 and he continues these payments until he gets to be 65 years old. Doug’s contributed principal amounts to $25,000 over this period of time.

 

A is future value P is Principal r is annual interest rate = 0.06% n is number of years invest Jean: Pjean = $10,000 = njean © 35 years (10+25) A = P * (1+r) n Where AJEAN = $10,000 * (1 + 0.06) 35 = $77,830 Doug: Pdoug = $25,000 ndoug = : 24 years (41 to 65 years old) (A) If Jean's and Doug's retirement plans earn interest of 6% per year, how much will they have accumulated (principal plus interest) when they reach 65 years old? AJEAN $10,000 * (1 + 0.06) 35 = $77,830 = Adoug = $25,000 * (1 + 0.06) 24 = $155,825
Transcribed Image Text:A is future value P is Principal r is annual interest rate = 0.06% n is number of years invest Jean: Pjean = $10,000 = njean © 35 years (10+25) A = P * (1+r) n Where AJEAN = $10,000 * (1 + 0.06) 35 = $77,830 Doug: Pdoug = $25,000 ndoug = : 24 years (41 to 65 years old) (A) If Jean's and Doug's retirement plans earn interest of 6% per year, how much will they have accumulated (principal plus interest) when they reach 65 years old? AJEAN $10,000 * (1 + 0.06) 35 = $77,830 = Adoug = $25,000 * (1 + 0.06) 24 = $155,825
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