7. You graduate from the Trobe University on your 25th birthday and you immediately find a job with a starting salary of $80,000 per year. You decide to put away 10% of your annual salary for your retirement, via endofyear deposits. Assume for this question that your salary never changes. If you retire on your 65th birthday (making your first deposit on your 26th birthday and your last deposit on your 65th birthday) and the interest rate is 7% p.a how much will you have saved when you retire?
7. You graduate from the Trobe University on your 25th birthday and you immediately find a job with a starting salary of $80,000 per year. You decide to put away 10% of your annual salary for your retirement, via endofyear deposits. Assume for this question that your salary never changes. If you retire on your 65th birthday (making your first deposit on your 26th birthday and your last deposit on your 65th birthday) and the interest rate is 7% p.a how much will you have saved when you retire?
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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