Determine the size of your investment account 22 years from now (when you plan to retire) if you deposit $17,000 each year, beginning 1 year from now and the account earns interest at a rate of 8% per...
Determine the size of your investment account 22 years from now (when you plan to retire) if you deposit $17,000 each year, beginning 1 year from now and the account earns interest at a rate of 8% per year. The size of the investment account is?
Homework Answers
If I start depositing 1 year from now, Number of deposit periods = 22 - 1 = 21 years
Investment size after 21 years ($) = 17,000 x F/A(8%, 21) = 17,000 x 50.4229** = 857,189.3
**From F/A Factor table
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