Amy Parker, a 22-year-old and newly hired marine biologist, is quick to admit that she does not
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Amy Parker, a 22-year-old and newly hired marine biologist, is quick to admit that she does not plan to keep close tabs on how her 401(k) retirement plan will grow with time. This sort of thing does not really interest her. Amy’s contribution, plus that of her employer, amounts to $2,200 per year starting at age 23. Amy expects this amount to increase by 3% each year until she retires at the age of 62 (there will be 40 EOY payments). What is the compounded future value of Amy’s 401(k) plan if it earns 7% per year?
Future ValueFuture value (FV) is the value of a current asset at a future date based on an assumed rate of growth. The future value (FV) is important to investors and financial planners as they use it to estimate how much an investment made today will be worth...
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Related Book For
Engineering Economy
ISBN: 978-0133439274
16th edition
Authors: William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
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