15. Today you deposit X dollars to your savings account and make no additional deposits....
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15. Today you deposit X dollars to your savings account and make no additional deposits. How long will it take to double your savings if you earn 5 percent interest, compounded annually? A. 14.21 yearsB. 16.04 yearsC. 18.67 yearsD. 19.42 yearsE. 19.60 years
16. Janice plans to save $90 a month, starting her monthly deposits today, for 20 years. Kate plans to save $100 a month for 20 years, starting her monthly deposits one month from today. Both Janice and Kate expect to earn an average annual return of 7.5 percent, compounded monthly on their savings. At the end of the 20 years, Kate will have approximately ________ than Janice. A. $5,537.31moreB. $5,883.39 lessC. $5,225.83 moreD. $5,883.39 moreE. $5,225.83 less
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