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Mike is planning to retire in 32 years. He is thinking about opening a retirement account...

Question:

Mike is planning to retire in 32 years. He is thinking about opening a retirement account and plans to invest an equal amount

Mike is planning to retire in 32 years. He is thinking about opening a retirement account and plans to invest an equal amount each year into the account. He expects to earn 10.5% per year in the account and is planning to have $1,500,000 in the account at retirement, what is the amount of Mike's annual investment? ( $7,922 $6,728 $5,387 $4,727 None of the above OMT Inc. is planning to issue a $1,000 face-value bond with an annual coupon rate of 7% that matures in 10 years. TRU is planning to pay semi-annual interest payments. Similar OMT bonds are quoting at 98.5% of par. What is the price that bond holders will pay for this bond? $985.00 $1,000.00 $1070.00 $915.00 None of the above

Answers

7)

Investment in each year (P) FVA: ([(1+r)^n-1]=r) Here, A Interest rate per annum B Number of years CNumber of payments per pe

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