Solution-How much money will he have all together

How much money will he have all together

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Michael wins $600,000 (after taxes) in the lottery and decides to invest half of it in a 5-year CD that pays 4.95% interest compounded monthly. He invests the other half in a money market fund that retirement account that averages 7.3% interest compounded annually over the 5-year period. How much money will he have all together in the two accounts at the end of the 5-year period?

Reference no: EM131381815

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Money market fund that retirement account : Michael wins $600,000 (after taxes) in the lottery and decides to invest half of it in a 5-year CD that pays 4.95% interest compounded monthly. He invests the other half in a money market fund that retirement account that averages 7.3% interest c..

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How much money will he have all together

Reference no: EM131381815

Reference no: EM131381815

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