Jeffery Johnson is saving $1,450,000 per year in a savings account that is paying annual compound interest of 6%.  He intends to continue this for three years after which he will move it to JMMB’s long term fund which pays interest of 8% per annum compounded semi-annually. i.          How much would he be able to transfer to JMMB after 3 years?   ii.         How much money will he have at the end of 8 years from today?

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Q: today

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A: Part 1: Determine the Amount Needed at RetirementFirst, we need to find the future value of the…

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A: Calculate the future value as follows:

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Q: deposits. The annual effective interest rate is 6%. Determine Y.

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