you plan to save for retierment by putting 5000 every year for 30 years into a...
you plan to save for retierment by putting 5000 every year for 30 years into a mutal fund that will reutrn 12% per year. how much money will be in your fund at the end of 30 years
Homework Answers
Future value of annuity=Annuity[(1+rate)^time period-1]/rate
=5000[(1.12)^30-1]/0.12
=5000*241.3326843
which is equal to
=1,206,663.42(Approx).
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