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Use the future value calculator on this website to answer the following question: Suppose you have $8,000 today that you plan to save for your retirement in 40 years. If you earn a return of 10.8 percent per year, how much will this account be worth when you are ready to retire?

Use the future value calculator on this website to answer the following question: Suppose you have $8,000 today that you plan to save for your retirement in 40 years. If you earn a return of 10.8 percent per year, how much will this account be worth when you are ready to retire?

Essentials Of Investments
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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The website is: http://www.moneychimp.com/calculator/calculator.htm

Current Principal: $ Annual Addition: $ Years to Grow: Growth Rate: Future Value: $ 0 % Calculate Compound Interest (Future Value)
Transcribed Image Text:Current Principal: $ Annual Addition: $ Years to Grow: Growth Rate: Future Value: $ 0 % Calculate Compound Interest (Future Value)
2. Use the future value calculator on this website to answer the following question: Suppose you have $8,000 today that you plan to save for your retirement in 40 years. If you earn a return of 10.8 percent per year, how much will this account be worth when you are ready to retire?
Transcribed Image Text:2. Use the future value calculator on this website to answer the following question: Suppose you have $8,000 today that you plan to save for your retirement in 40 years. If you earn a return of 10.8 percent per year, how much will this account be worth when you are ready to retire?
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