c. Nancy wants to contribute $8,000 at the end of each year into a 5 401(k) plan for 20 years with the expectation of an annual 6% interest earned. If the first contribution occurs at year-end, what amount will be in her 5 401(k) in 20 years? The future value of an ordinary annuity at 6% in 20 years is 36.7856. Round your answer to the nearest dollar.
c. Nancy wants to contribute $8,000 at the end of each year into a 5 401(k) plan for 20 years with the expectation of an annual 6% interest earned. If the first contribution occurs at year-end, what amount will be in her 5 401(k) in 20 years? The future value of an ordinary annuity at 6% in 20 years is 36.7856. Round your answer to the nearest dollar.
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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Transcribed Image Text:c. Nancy wants to contribute $8,000 at the end of each year into a 5 401(k) plan for 20 years with the expectation of an annual 6%
interest earned. If the first contribution occurs at year-end, what amount will be in her 5 401(k) in 20 years? The future value of an
ordinary annuity at 6% in 20 years is 36.7856. Round your answer to the nearest dollar.
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