You are 20 years old today. You plan to start saving for retirement on your 29th birthday in the amount of $6,468.863. You will save the same amount on that birthday plus future birthdays for a total of 32 deposits. Assume a rate of return of 7% compounded annually. How much will be in your account when you turn 65? Use the $ symbol and round to the nearest $....no cents...uses commas). Hint...the last three numbers in your answer should be 000.
You are 20 years old today. You plan to start saving for retirement on your 29th birthday in the amount of $6,468.863. You will save the same amount on that birthday plus future birthdays for a total of 32 deposits. Assume a rate of return of 7% compounded annually. How much will be in your account when you turn 65? Use the $ symbol and round to the nearest $....no cents...uses commas). Hint...the last three numbers in your answer should be 000.
Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)
7th Edition
ISBN:9780357033609
Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Chapter4: Managing Your Cash And Savings
Section: Chapter Questions
Problem 7FPE: Calculating interest earned and future value of savings account. If you put 6,000 in a savings...
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You are 20 years old today. You plan to start saving for retirement on your 29th birthday in the amount of $6,468.863. You will save the same amount on that birthday plus future birthdays for a total of 32 deposits. Assume a
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