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Problem 5-18 Calculating Future Values [LO1] You have just made your first $5,900 contribution to your retirement account. Assume you earn a return of 11
Problem 5-18 Calculating Future Values [LO1]
You have just made your first $5,900 contribution to your retirement account. Assume you earn a return of 11 percent per year and make no additional contributions. |
a. | What will your account be worth when you retire in 36 years? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) |
b. | What if you wait 10 years before contributing? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) |
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