Calculates the balance after age six

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Problem 1: If you save money from the age of 20 and save $4 daily and, at the end of the year, everything saved is invested in an investment fund account that has a 7% annual return, determine the account balance when you reach age 62.

Problem 2: Suppose land river company decides to acquire a housing complex within 6 years and estimates it can save $15,000 a year. The company deposits the money at the end of the year with World Central Bank at an interest rate of 5%. Calculates the balance after age 6 and calculates the account balance if the rate drops to 4%.

Reference no: EM132833024

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