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Erika and Kitty, who are twins, just received $30,000 each for their 25th birthday. They both have aspirations to become millionaires. After immediately investing the $30,000 that they ust recived, each plns to make a $5,000 annual contribution to their "early retirement fund" on their birthday, beginning a year from today. Erika opened an account with the Safety First Bond Fund, a mutual fund that invests in high-quality bonds whose investors have earned 6% per year in the past. Kitty invested in the New Issue Bio-Tech Fund, which invessts in small, newly issued bio-tech stocks and whose investors have earned an average of 20% per year in the fund's relatively short history.
1. If the two women's funds earn the same returns in the future as in the past, how many years will it take for Erika to become a millionaire?
2. If the two women's funds earn the same returns in the future as in the past, how many years will it take for Kitty to beome a millionaire?
Finance is about Gunns Ltd, a company in dealing with forestry products in Australia. The company has also been listed in Australian Stock Exchange. As many companies producing forestry products, even Gunns Ltd is facing various problems. Due to the ..
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