Essentials Of Investments
11th Edition
ISBN: 9781260013924
Author: Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher: Mcgraw-hill Education,
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Transcribed Image Text:A 50-year-old engineer planning for retirement places 14% of his salary each year into a high-yield bond fund. If his salary this year
(end of year 1) is $103,000 and he expects his salary to increase by 3% each year, determine the future worth of the retirement fund
after 15 years, provided it earns 7% per year.
The future worth is $ 9946.0265|
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