A civil engineer planning for her retirement places 12% of her salary each year into a high-technology stock fund. If her salary this year (end of year 1) is $150,000 and she expects her salary to increase by 3% each year,

A civil engineer planning for her retirement places 12% of her salary each year into a high-technology stock fund. If her salary this year (end of year 1) is $150,000 and she expects her salary to increase by 3% each year,

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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A civil engineer planning for her
retirement places 12% of her salary
each year into a high-technology stock
fund. If her salary this year (end of year
1) is $150,000 and she expects her
salary to increase by 3% each year,
what will be the future worth of
her retirement fund after 13 years
provided it earns 11% per year?
The future worth of her retirement fund
will be $

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