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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Question
Dean invests 46 dollars at the end of this year into the stock market, which is expected to earn 8% per year. Dean will increase the amount he invests in the stock market by $10 per year. Assume Dean retires after 41 years. How much money are Dean's investments worth at the end of 41 years? For the sake of simplicity, assume Dean makes his last investment at the end of year 41. (note: round your answer to two decimal places; do not include spaces or dollar signs.)
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