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Delicious77 [7]
3 years ago
6

Retirement Investment Advisors, Inc., has just offered you an annual interest rate of 4 percent until you retire in 40 years. Yo

u believe that interest rates will increase over the next year and you would be offered 4.6 percent per year one year from today. If you plan to deposit $11,000 into the account either this year or next year, how much more will you have when you retire if you wait one year to make your deposit
Business
1 answer:
Shtirlitz [24]3 years ago
5 0

Answer:

$10,741

Explanation:

The computation of the more amount is shown below;

Here we have to determine the future value i.e.

As we know that

Future value = Present value × (1 + rate of interest)^number of years

For option A

= $11,000 × (1 + 0.04)^40

= $52,811

For option B

= $11,000 × (1 + 0.046)^39

= $63,552

Now the more amount is

= $63,552 - $52,811

= $10,741

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Generally, an out-of-pocket cost requires that an individual or business outlay their future cash-flow and it must be relevant for current and future decision making.

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