You want to retire at age 65. You decide to make a deposit to yourself at the end of each year into an account paying 3%, compounded annually. Assuming you are now 25 and can spare $1,600 per year, how much will you have when you retire at age 65? (Round your answer to the nearest cent.)

You want to retire at age 65. You decide to make a deposit to yourself at the end of each year into an account paying 3%, compounded annually. Assuming you are now 25 and can spare $1,600 per year, how much will you have when you retire at age 65? (Round your answer to the nearest cent.)

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter11: Capital Budgeting Decisions

Section: Chapter Questions

Problem 8EB: You put $600 in the bank for 3 years at 15%. A. If Interest Is added at the end of the year, how...

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You want to retire at age 65. You decide to make a deposit to yourself at the end of each year into an account paying 3%, compounded annually.
Assuming you are now 25 and can spare $1,600 per year, how much will you have when you retire at age 65? (Round your answer to the nearest cent.)

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