You decided to put away 15% of your annual salary for retirement. Your annual salary is $20,000 for the first year (at age 24) and it increases by 3% every year until your retirement (at age 55). What will be the worth of your account when you retire if the interest is 4.5% per year?

You decided to put away 15% of your annual salary for retirement. Your annual salary is $20,000 for the first year (at age 24) and it increases by 3% every year until your retirement (at age 55). What will be the worth of your account when you retire if the interest is 4.5% per year?

Financial Accounting Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

ChapterA: Appendix - Time Value Of Cash Flows: Compound Interest Concepts And Applications

Section: Chapter Questions

Problem 11E

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8.You decided to put away 15% of your annual salary for retirement. Your annual salary is $20,000 for the first year (at age 24) and it increases by 3% every year until your retirement (at age 55). What will be the worth of your account when you retire if the interest is 4.5% per year?

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