You feel that you will need $2.4 million in your retirement account and when you reach that amount, you plan to retire. You feel you can earn an APR of 10.4 percent compounded monthlyand plan to save $335 per month until you reach your goal. How many years will it be until you reach your goal and retire

Biochemical corp. requires $600,000 in financing over the next three years. the firm can borrow the funds for three years at 10.80 percent interest per year. the ceo decides to do a forecast and predicts that if she utilizes short-term financing instead, she will pay 7.50 percent interest in the first year, 12.15 percent interest in the second year, and 8.25 percent interest in the third year. assume interest is paid in full at the end of each year. a)determine the total interest cost under each plan. a) long term fixed rate: b) short term fixed rate: b) which plan is less costly? a) long term fixed rate plan b) short term variable rate plan