Discussion Post: Project Management Processes
A young engineer decides to save $240 per year toward retirement in 40 years.
• If he invests this sum at the end of every year at 9%, then how much will be accumulated by retirement time?
• If by astute investing the interest rate could be raised to 12%, then what sum could be saved?
• If he deposits one fourth of this annual amount each quarter ($60 per quarter) in an interest bearing account earning a nominal annual interest rate of 12%, compounded quarterly, how much could be saved by retirement time?
• In part (c), then what annual effective interest rate is being earned?
The response must include a reference list. One-inch margins, double-space, Using Times New Roman 12 pnt font and APA style of writing and citations.