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How much would you have in your retirement

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Question - Person A. Annual Salary: $59,420 Monthly: $4,951.67 Person B. Annual Salary: $23,000 Monthly Salary: $1,916.67

Consider the retirement investment with 5.99% APR for 30 years using 6.5% of your monthly income. Which scenario will give you the best value for retirement? For each scenario, find the relative change from the original retirement amount to the doubled amount.

If you were to double the APR (from 5.99% to 11.98%), how much would you have in your retirement account?

If you were to double the contribution into the account (from 6.5% to 13% of monthly salary), how much would you have in your retirement?

If you were to double the time that you are investing (from 30 years to 60 years), how much would you have in your retirement account?

Reference no: EM132599729

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