Determine the size of your investment account 21 years from now (when you plan to retire)...
Determine the size of your investment account 21 years from now (when you plan to retire) if you deposit $8,000 each year, beginning 1 year from now, and the account earns interest at a rate of 6% per year. The size of the investment account is $
Homework Answers
i = 6% , t = 21 years
FV = 8000 x (1 + 6%)20 + 8000 x (1 + 6%)19 + ...... + 8000 x (1 + 6%)0
Size of the investment account = FV = $ 319941.8
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Determine the size of your investment account 21 years from now
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