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8 January, 22:05

Select the correct answer from each drop-down menu.

When she was 20, Liz started saving $6,000 a year for retirement. Her goal is to reach $100,000 in savings by the time she's 30. Her account earns 8% interest per year, compounded annually.

Liz have saved $100,000 by age 30. She'll her goal by about.

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  1. 9 January, 01:00
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    Find below correct question:

    When she was 20, liz started saving $6,000 a year for retirement. her goal is to reach & 100,00 in savings by the time she's 30. her account earns 8% interest per year, compounded annually. liz (will / won't) have saved $100,000 by age 30. she'll (exceed / fall short of) her goal by about ($10,081 / $13,081 / $14,011)

    liz won't have saved $100,000 by age 30. she'll fall short of her goal by about $13,081

    Step-by-step explanation:

    First and foremost we need to know the worth of Liz's retirement savings when she is 30 using excel fv formula as follows:

    =fv (rate, nper,-pmt, pv)

    rate is the interest earned per year which is 8%

    nper is the duration of savings which is 10 years

    pmt is the amount of yearly savings which is $6,000

    pv is the present worth of total savings which is not known

    =fv (8%,10,-6000,0) = $86,919.37

    Hence, Liz would be not be able to reach $100,000 at age 30.

    Shortfall=$100,000-$86,919.37 = $ 13,080.63
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