An engineer planning for her retirement will deposit 15% of her salary each year into a stock fund. If her salary this year is $88000(end of year 1) and she expects her salary to increase by 12% each year, what will be the future worth of the fund after 16 years if it earns 10% per year?
An engineer planning for her retirement will deposit 15% of her salary each year into a stock fund. If her salary this year is $88000(end of year 1) and she expects her salary to increase by 12% each year, what will be the future worth of the fund after 16 years if it earns 10% per year?
Chapter5: The Time Value Of Money
Section: Chapter Questions
Problem 35P
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An engineer planning for her retirement will deposit 15% of her salary each year into a stock fund. If her salary this year is $88000(end of year 1) and she expects her salary to increase by 12% each year, what will be the future worth of the fund after 16 years if it earns 10% per year?
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