You decide to reduce the amount you spend eating out by $150 a month and invest the total saved at the end of each year in your retirement account. How much will the account be worth at 5% in 15 years? (Use Table 13.1.) (Do not round intermediate calculations. Round your answer to the nearest cent.)
Future value after 15 years $
Homework Answers
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Future value after 15 years = 150 * 12.months * (FVA for 15 years @5%) = 1800 * 21.5785 = 38,841.30 Comment if you face any issues |
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You decide to reduce the amount you spend eating out by $150 a
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