You are planning on retiring the moment that you accumulate $1,000,000 in your mutual fund. Currently,...

You are planning on retiring the moment that you accumulate $1,000,000 in your mutual fund. Currently, you have $226,619 in the account, and you pay 1,000 into it monthly. If your account earns 8%, how many years until you can retire? A. 14 B.15 C. 16 D. 17

Eight years ago, you took out a loan for 100,000 at an interest rate of 12% compounded monthly. The loan was for 20 years, and you make monthly payments of $1,101.09 each month. What is the current balance on the loan today? A. 67,747 B. 9,176 C. 83,834 60,000

Your bank offers you the following choices for an interest rate. Which one would have the lowest actual cost of interest?

A: 12% monthly compounding

B: 12.24% quarterly compounding

C: 12.40% semi-annual compounding

D: 12.75% annual compounding

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Expert Solution

jeff jeffy answered 2 weeks ago

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