Chapter 5 question 11

Assume that you contribute $230 per month to a retirement plan for 20 years. Then you are able to increase the contribution to $430 per month for the next 30 years. Given an 6 percent interest rate. What is the value of your retirement plan after the 50 years? (Do not round intermediate calculations and round your final answer to 2 decimal places.)

Future value of multiple annuities

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