You deposit $6000 each year into your retirement account, starting in one year. If these funds...
You deposit $6000 each year into your retirement account, starting in one year. If these funds earn an average of 7% per year over the 29 years until your retirement, what will be the value of your retirement account upon retirement?
Homework Answers
Future value of annuity=Annuity[(1+rate)^time period-1]/rate
=6000[(1.07)^29-1]/0.07
=6000*87.3465293
which is equal to
=$524079.18(APPROX).
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