(Future value of an ordinary annuity) You are graduating from college at the end of this semester and after reading...
(Future value of an ordinary annuity) You are graduating from college at the end of this semester and after reading the The Business of Life box in this chapter, you have decided to invest $4,500 at the end of each year into a Roth IRA for the next 46 years. If you earn 6 percent compounded annually on your investment, how much will you have when you retire in 46 years? How much will you have if you wait 10 years before beginning to save and only make 36 payments into your retirement account?
Homework Answers
Annual Deposit = $4,500
Time Period = 46 years
Interest Rate = 6% annually
Future Value of Annuity = P[(1 + r)n - 1]/r
Future Value = 4,500[(1.06)46 - 1]/0.06
Future Value = $1,019,286.56
If Deposit starts after 10 years,
Future Value = 4,500[(1.06)36 - 1]/0.06
Future Value = $536,043.90
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