Question
Alec, Daniel, William, and Stephen decide today to save for retirement. Each person wants to retire by age 66 and puts $10,300 into an account
Alec, Daniel, William, and Stephen decide today to save for retirement. Each person wants to retire by age 66 and puts $10,300 into an account earning 9% compounded annually. (FV of $1, PV of $1, FVA of $1, and PVA of $1) (Use appropriate factor(s) from the tables provided. Round your answers to 2 decimal places.) Required: Calculate how much each person will have accumulated by the age of 66.
| Person | Age | Initial investment | accumulated investment by retirement (age 66) |
|---|---|---|---|
| Alec | 56 | 10,300 | |
| Daniel | 46 | 10,300 | |
| william | 36 | 10,300 | |
| stephen | 26 | 10,300 |
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Advanced Accounting
Authors: Joe Hoyle, Thomas Schaefer, Timothy Doupnik
10th edition
0-07-794127-6, 978-0-07-79412, 978-0077431808
