Suppose someone wants to accumulate ​$115,000for 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 5​%. Plan B is a single deposit into an account with continuous compounding and an APR of 4.9​%. How much does the person need to deposit in each account in order to reach the​ goal? The person must deposit $? into the account for Plan A to reach the goal of ​$115,000. ​

Algebra and Trigonometry (6th Edition)
6th Edition
ISBN:9780134463216
Author:Robert F. Blitzer
Publisher:Robert F. Blitzer
ChapterP: Prerequisites: Fundamental Concepts Of Algebra
Section: Chapter Questions
Problem 1MCCP: In Exercises 1-25, simplify the given expression or perform the indicated operation (and simplify,...
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Suppose someone wants to accumulate ​$115,000for 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 5​%.  Plan B is a single deposit into an account with continuous compounding and an APR of 4.9​%.  How much does the person need to deposit in each account in order to reach the​ goal?
 
The person must deposit $? into the account for Plan A to reach the goal of
​$115,000.
The person must deposit ​$? into the account for Plan B to reach the goal of
​$115,000.
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