Terry Austin is 30 years old and is saving for her retirement. She is planning on making 37 contributions to her retirement account at the beginning of each of the next 37 years. The first contribution will be made today (t = 0) and the final contribution will be made 36 years from today (t = 36). h The retirement account will earn a return of 8.1 percent a year. If each contribution she makes is $1.902.00 how much will be in the retirement account 36 years from now (t = 36)? O $395.578.48 O $397,578.48 O $393,578.48 O $401,578.48 O $399.578.48
Terry Austin is 30 years old and is saving for her retirement. She is planning on making 37 contributions to her retirement account at the beginning of each of the next 37 years. The first contribution will be made today (t = 0) and the final contribution will be made 36 years from today (t = 36). h The retirement account will earn a return of 8.1 percent a year. If each contribution she makes is $1.902.00 how much will be in the retirement account 36 years from now (t = 36)? O $395.578.48 O $397,578.48 O $393,578.48 O $401,578.48 O $399.578.48
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:Terry Austin is 30 years old and is saving for her retirement. She is
planning
on making 37 contributions to her retirement account at the beginning
of
each of the next 37 years. The first contribution will be made today
(t = 0) and the final contribution will be made 36 years from today (t =
36).
A
The retirement account will earn a return of 8.1 percent a year. If each
contribution she makes is $1.902.00 how much will be in the retirement
account 36 years from now (t = 36)?
O $395.578.48
O $397,578.48
O $393,578.48
O $401,578.48
O $399,578,48
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