(Steps Shown) Michael wins $800,000 (after taxes) in the lottery and decides to invest half of it in a 10-year CD that pays 5.35% interest compounded monthly.


Question: Michael wins $800,000 (after taxes) in the lottery and decides to invest half of it in a 10-year CD that pays 5.35% interest compounded monthly. He invests the other half in a money market fund that unfortunately turns out to average only 4.3% interest compounded annually over the 10-year period. How much money will he have altogether in the two accounts at the end of the 10-year period?

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Solution: The downloadable solution consists of 1 pages
Deliverable: Word Document

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