Suppose you plan to retire in 40 years. If you make annual contributions of $12,000 into your retirement account for the first 8 years, and no more contributions to the account for the remaining 32 years. If the retirement account earns a fixed 6% annual interest, how much will you have at your retirement? Question 10 options: $739,166 $766,466 $793,766 $811,766 $829,766 $851,966
Suppose you plan to retire in 40 years. If you make annual contributions of $12,000 into your retirement account for the first 8 years, and no more contributions to the account for the remaining 32 years. If the retirement account earns a fixed 6% annual interest, how much will you have at your retirement? Question 10 options: $739,166 $766,466 $793,766 $811,766 $829,766 $851,966
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
Chapter2: Using Financial Statements And Budgets
Section: Chapter Questions
Problem 7FPE: Funding a retirement goal. Austin Miller wishes to have 800,000 in a retirement fund 20 years from...
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Question
Suppose you plan to retire in 40 years. If you make annual contributions of $12,000 into your retirement account for the first 8 years, and no more contributions to the account for the remaining 32 years. If the retirement account earns a fixed 6% annual interest, how much will you have at your retirement?
Question 10 options:
|
$739,166
|
|
$766,466
|
|
$793,766
|
|
$811,766
|
|
$829,766
|
|
$851,966
|
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