SOLUTION: determine the future value of education of jenny franklin estimates that a result of completing her master's degree, she will earn 7000 a year more for the next 40 years. what woul
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Question 558908: determine the future value of education of jenny franklin estimates that a result of completing her master's degree, she will earn 7000 a year more for the next 40 years. what would be total amount of these additional earning
Answer by Theo(13342) (Show Source): You can put this solution on YOUR website!
she will have earned a total of an additional 40 * 7000 = 280,000 over a period of 40 years.
if she invests this 7000 every year in an interest bearing account that earns her 5% interest compounded annually, then she will have approximately 888,000 at the end of 40 years before uncle sam takes his share.
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