Pat is an excelent tennis player. Her friend Mat estimated that if she becomes a professional player today, her income will be 6 dollars in year 1 and then will continue to increase by 23.15% each year until year 9. According to Mat's estimates, Pat will be at her peak in year 9. After that point in time, her income in each period will be only 1/4 of her income in the previous period. Suppose Mat's predictions are correct. If Pat plans to retire at the end of year 13 and to save 1/8 of her income each year in an account paying interest at 47% per year, how much will she accumulate by the end of 13?
HELP! Engineering economics question!?
- Thread starter Daniel B
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