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You now know the power of compound starting to save for your retirement as early as possible. You plan on contributing $2500 to a retirement fund in the first year and increase this amount by $500 each year following. If you contribute to your retirement fund in this way for a total of 35 years, how much can you expect to have n your retirement account just after the 35th deposit? The interest rate s expected to be 12% per year.

You now know the power of compound starting to save for your retirement as early as possible. You plan on contributing $2500 to a retirement fund in the first year and increase this amount by $500 each year following. If you contribute to your retirement fund in this way for a total of 35 years, how much can you expect to have n your retirement account just after the 35th deposit? The interest rate s expected to be 12% per year.

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
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You now know the power of compound interest and the benefit of starting to save for your retirement as early as possible. You plan on contributing $2500 to a retirement fund in the first year and increase this amount by $500 each year following. If you contribute to your retirement fund in this way for a total of 35 years, how much can you expect to have in your retirement account just after the 35th deposit? The interest rate is expected to be 12% per year. 12% Interest Table
Transcribed Image Text:You now know the power of compound interest and the benefit of starting to save for your retirement as early as possible. You plan on contributing $2500 to a retirement fund in the first year and increase this amount by $500 each year following. If you contribute to your retirement fund in this way for a total of 35 years, how much can you expect to have in your retirement account just after the 35th deposit? The interest rate is expected to be 12% per year. 12% Interest Table
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