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Exerclse 5-11 (Algo) Future value; ordlnary annulty (LO 5-7) You would like to start saving for retirement. Assuming you are now 20 years old and
Exerclse 5-11 (Algo) Future value; ordlnary annulty (LO 5-7) You would like to start saving for retirement. Assuming you are now 20 years old and want to retire at age 50 , you have 30 years to watch your investment grow. You decide to invest in the stock market, which has earned about 8% per year over the past 80 years and is expected to continue at this rate. You decide to invest $1,000 at the end of each year for the next 30 years. Requlred: Calculate how much your accumulated investment is expected to be in 30 years. Note: Use tables, Excel, or a financlal calculetor. Round your answer to 2 decimel places. (FV of $1. PV of $1. FVA of $1, and $1)
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