When Joe graduated from college at age 22, his grandparents established a trust fund and endowed it with $10,000. The gift is intended to serve as a retirement fund for Joe, and he will be able to draw on it when he turns 62. If the fund earns a nine percent return over that period, what will it be worth when Joe reaches age 62? [submit your answer with a comma but no dollar signs]
When Joe graduated from college at age 22, his grandparents established a trust fund and endowed it with $10,000. The gift is intended to serve as a retirement fund for Joe, and he will be able to draw on it when he turns 62. If the fund earns a nine percent return over that period, what will it be worth when Joe reaches age 62? [submit your answer with a comma but no dollar signs]
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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Question
![When Joe graduated from college at age 22, his grandparents established a trust fund and
endowed it with $10,000. The gift is intended to serve as a retirement fund for Joe, and he
will be able to draw on it when he turns 62. If the fund earns a nine percent return over that
period, what will it be worth when Joe reaches age 62?
[submit your answer with a comma but no dollar signs]](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F3c842333-6f00-4a4b-9f61-7bda344711a4%2Fb07e7d24-aac1-4d2a-b3fc-4bfa5f542471%2Fln9kpn_processed.jpeg&w=3840&q=75)
Transcribed Image Text:When Joe graduated from college at age 22, his grandparents established a trust fund and
endowed it with $10,000. The gift is intended to serve as a retirement fund for Joe, and he
will be able to draw on it when he turns 62. If the fund earns a nine percent return over that
period, what will it be worth when Joe reaches age 62?
[submit your answer with a comma but no dollar signs]
!["part 2 of question 1*
If Joe decides to put off retirement for another 10 years, what will the fund be worth?
[submit your answer with a comma but no dollar signs]](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F3c842333-6f00-4a4b-9f61-7bda344711a4%2Fb07e7d24-aac1-4d2a-b3fc-4bfa5f542471%2F9gtrefy_processed.jpeg&w=3840&q=75)
Transcribed Image Text:"part 2 of question 1*
If Joe decides to put off retirement for another 10 years, what will the fund be worth?
[submit your answer with a comma but no dollar signs]
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