Your job pays you only once a year for all the work you did over the previous 12 months Today, December 31, you just received your salary of $53,000 and you plan to spend a of it. However, you want to start saving for retirement beginning next year. You have decided that one year from today you will begin depositing 3 percent of your annua salary in an account that will earn 9 percent per year. Your salary will increase at percent per year throughout your career. How much money will you have on the date of your retirement 41 years from today?

Your job pays you only once a year for all the work you did over the previous 12 months Today, December 31, you just received your salary of $53,000 and you plan to spend a of it. However, you want to start saving for retirement beginning next year. You have decided that one year from today you will begin depositing 3 percent of your annua salary in an account that will earn 9 percent per year. Your salary will increase at percent per year throughout your career. How much money will you have on the date of your retirement 41 years from today?

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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