Homework Answers
Future value of annuity = Amount*[{(1+r)n – 1}/r]
Amount in account 16 years from today = 3,048*[{(1.13)10 – 1}/0.13]
= $56,143.40
Amount 38 years from today = 56,143.40(1.13)22
= $826,084.49
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