A civil engineer planning her retirement will deposit 10% of her salary each year into a high-technology stock fund. If her salary this year is $50,000 and she expects her salary to increase by 4% each year, how much will she have in the fund after 15 years assuming the fund earns 12% per year?

A civil engineer planning her retirement will deposit 10% of her salary each year into a high-technology stock fund. If her salary this year is $50,000 and she expects her salary to increase by 4% each year, how much will she have in the fund after 15 years assuming the fund earns 12% per year?

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter5: The Time Value Of Money

Section: Chapter Questions

Problem 35P

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