The value of a retirement savings account with an annual contribution of $600 (contributions made at the end of each year, including the last year), and an APR of 5.4% after 40 years is $79,960.27.Find the value of this retirement savings account after 52 years. Round your answer to the nearest cent.OA. $151,304.82OB. $165,660.72OC. $160,075.29OD. $154,695.52OE. $169,319.35

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Answered: The value of a retirement savings…

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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A perpetuity pays $85 per year and costs $3,580. What is the rate of return? Select the correct answer. O a. 4.17% Ob. 3.27% O c.0.57% d. 2.37% O e. 1.47%
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An individual wants to retire in 25 years and requires $300,000 in savings at that time. The individual will deposit $500 into an account every month during the next 25 year period starting at the end of the next month. What annual rate of interest must be earned to achieve this goal? a. 4.90% b. 4.95% c. 5.00% d. 5.05% e. 5.10%
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