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202-1 Determining the Future Value of Education ! Jewny Lopez estimates that as a result of completing coher Masters Degree,

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Answer #1

Answer a.

Annual Earnings = $8,000
Time Period = 40 years

Total Earnings = Annual Earnings * Time Period
Total Earnings = $8,000 * 40
Total Earnings = $320,000

Answer b.

Interest Rate = 6%

Future Value = $8,000 * FVA of $1 (6%, 40)
Future Value = $8,000 * 154.76197
Future Value = $1,238,095.76 or $1,238,096

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