Pre-Calculus Practice Problem 92

Pre-Calculus Practice Problem 92 - retirement account. The...

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Unit 3, Activity 3, Saving for Retirement Blackline Masters, Advanced Math-Pre-Calculus Page 90 Comprehensive Curriculum, Revised 2008 Two friends, Jack and Bill, both begin their careers at 21. By age 23 Jack begins saving for retirement. He is able to put $6,000 away each year in a fund that earns on the average 7% per year. He does this for 10 years, then at age 33 he stops putting money in the
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Unformatted text preview: retirement account. The amount he has at that point continues to grow for the next 32 years, still at the average of 7% per year. Bill on the other hand doesn’t start saving for retirement until he is 33. For the next 32 years, he puts $6000 into his retirement account that also earns on the average 7% per year. At 65 ,Jack has the greatest amount of money in his retirement fund....
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This note was uploaded on 10/10/2011 for the course MAC 1147 taught by Professor German during the Fall '08 term at University of Florida.

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