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Teaching Since: | May 2017 |
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Questions Answered: | 66690 |
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MCS,PHD
Argosy University/ Phoniex University/
Nov-2005 - Oct-2011
Professor
Phoniex University
Oct-2001 - Nov-2016
Calculating Growing Annuities You have 30 years left until retirement and want to retire with $2.2 million. Your salary is paid annually and you will receive $80,000 at the end of the current year. Your salary will increase at 3 percent per year, and you can earn a 10 percent return on the money you invest. If you save a constant percentage of your salary, what percentage of your salary must you save each year?
Q
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