A civil engineer planning for her retirement places 10% of her salary each year into a high-technology stock fund. If her salary this year (end of year 1) is $160,000 and she expects her salary to increase by 3% each year, what will be the future worth of her retirement fund after 15 years provided it earns 7% per year?
A civil engineer planning for her retirement places 10% of her salary each year into a high-technology stock fund. If her salary this year (end of year 1) is $160,000 and she expects her salary to increase by 3% each year, what will be the future worth of her retirement fund after 15 years provided it earns 7% per year?
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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not using excel. Just formulas please
![A civil engineer planning for her retirement places
10% of her salary each year into a high-technology
stock fund. If her salary this year (end of year 1) is
$160,000 and she expects her salary to increase by
3% each year, what will be the future worth of her
retirement fund after 15 years provided it earns 7%
per year?
2](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F9ea8affe-4b2e-48c3-8486-68062a285f06%2F71703627-3525-4dc1-90c4-f9c748e38412%2F1ylvd5j_processed.jpeg&w=3840&q=75)
Transcribed Image Text:A civil engineer planning for her retirement places
10% of her salary each year into a high-technology
stock fund. If her salary this year (end of year 1) is
$160,000 and she expects her salary to increase by
3% each year, what will be the future worth of her
retirement fund after 15 years provided it earns 7%
per year?
2
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