Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

As a current 21-year-old college student taking a finance class and investing $3,500 per year at the end of each of the next 8 years

As a current 21-year-old college student taking a finance class and investing $3,500 per year at the end of each of the next 8 years into a retirement account (so it starts with the first payment one year from now at age 22). At the end of these 8 years (age 29) you quit working and you are a stay-at-home spouse and never invested in this account again. You are now 67, and retired. You earned 8.77% annually for each of the 46 years, how much is in your account as you retire?

How do I set this up and excel with a formula?

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Finance questions