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Suppose that Michael wants to have $250,000 saved by the time he has reached age 30....

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Finance

  • Suppose that Michael wants to have $250,000 saved by the timehe has reached age 30. He is currently 21 and has no money ininvested. Michael thinks that he can earn an annual return of 7% onhis investments compounded monthly.
    • How much does he need to invest each month to reach hisgoal?
    • If his investments were compounded annually and not monthly,how much short was he on reaching his goal?

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