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You are a coffee connoisseur without a warm cup of Joe. In fact, y to spend $6 for a large, warm beverag would provide a nice way to inflate y decide to save your $6 for each day c make one $42 deposit each week, 52 deposit every week for the next 40 ye account. How much will you have in

You are a coffee connoisseur without a warm cup of Joe. In fact, y to spend $6 for a large, warm beverag would provide a nice way to inflate y decide to save your $6 for each day c make one $42 deposit each week, 52 deposit every week for the next 40 ye account. How much will you have in

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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You are a coffee connoisseur; you can't remember the last time you went one day without a warm cup of Joe. In fact, your normal routine (7 days a week, 52 weeks a year) is to spend $6 for a large, warm beverage. But, this course has you wondering if quitting coffee would provide a nice way to inflate your retirement fund by age 65. So, at 25 years old, you decide to save your $6 for each day of the week and deposit it every Friday (this means you make one $42 deposit each week, 52 weeks per year) into an account. You plan to repeat this deposit every week for the next 40 years, earning 8% compounded weekly in your coffee account. How much will you have in 40 years?
Transcribed Image Text:You are a coffee connoisseur; you can't remember the last time you went one day without a warm cup of Joe. In fact, your normal routine (7 days a week, 52 weeks a year) is to spend $6 for a large, warm beverage. But, this course has you wondering if quitting coffee would provide a nice way to inflate your retirement fund by age 65. So, at 25 years old, you decide to save your $6 for each day of the week and deposit it every Friday (this means you make one $42 deposit each week, 52 weeks per year) into an account. You plan to repeat this deposit every week for the next 40 years, earning 8% compounded weekly in your coffee account. How much will you have in 40 years?
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