Contemporary Engineering Economics (6th Edition)
Contemporary Engineering Economics (6th Edition)
6th Edition
ISBN: 9780134105598
Author: Chan S. Park
Publisher: PEARSON
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Chapter 6, Problem 17P
To determine

Calculate the annual worth.

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An engineer will deposit 15% of her salary each year into a retirement fund. If her current annual salary is $80000 and she expects that it will increase by 5% (g) each year, what will be the present worth of the fund after 35 years if it earns 5% interest? (Answer: $400,000)
Leon and Heidi decided to invest $3.500 annually for only the first seven years of their marriage. The first payment was made at age 20. If the annual interest rate is %15, how much accumulated interest and principal will they have at age 70? The accumulated interest and principal will equal ..........$ (round to the nearest dollar.)
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