Suppose someone wants to accumulate $120,000 for retirement in
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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Suppose someone wants to accumulate $120,000 for 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 4%.
Plan B is a single deposit into an account with continuous compounding and an APR of 3.7%.
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 $120,000. (Round to the nearest cent as needed.)
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