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How much will have saved for the trip

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Reference no: EM132820689

Problem 1: Maryann is planning a wedding anniversary gift of a trip to Hawaii for her husband at the end of 3 years. She will have enough to pay for the trip if she invests $2,500 per year until that anniversary and plans to make her first $2,500 investment on their first anniversary. Assume her investment earns a 4 percent interest rate, how much will she have saved for their trip if the interest is compounded in each of the following ways?

a. Annually b. Quarterly c. Monthly

Reference no: EM132820689

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