Lourdes has just retired and plans to consume $8,640 from the retirement account every year for the next 16 years starting one year from today, meeting the rest of the expenses from other resources. If the annual interest rate is 9.6%, how much does Lourdes have in the retirement account today? A none of the choices B 69,238 71,866 69,438
Lourdes has just retired and plans to consume $8,640 from the retirement account every year for the next 16 years starting one year from today, meeting the rest of the expenses from other resources. If the annual interest rate is 9.6%, how much does Lourdes have in the retirement account today? A none of the choices B 69,238 71,866 69,438
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Transcribed Image Text:Lourdes has just retired and plans to consume $8,640 from the retirement account every year for the next
16 years starting one year from today, meeting the rest of the expenses from other resources. If the
annual interest rate is 9.6%, how much does Lourdes have in the retirement account today?
(A) none of the choices
B 69,238
71,866
D 69,438
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