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6-3. Calculating the future value of an ordinary annuity) (Related to Finance for Life: Sa ing for Retirement on page 204) Mike, 30, has started
6-3. Calculating the future value of an ordinary annuity) (Related to Finance for Life: Sa ing for Retirement on page 204) Mike, 30, has started a small business and wants to start saving for his retirement when he turns 65. He has decided to invest 0,000... end of every year in a pension plan that earns him 6 percent compounded annan How much will Mike get when he retires? Mike then decided to keep reinvesting the profits in his business for a furie and start saving once he is 35 years old. How much will Mike get if he stars same amount and investing in the same plan as hefore? usiness for a further five years get if he starts saving the
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