Question
Researching retirement savings online, you found an article from NewRetirement.com with recommendations from financial guru, Dave Ramsey and others. Dave Ramsey recommends investing 15% of
Researching retirement savings online, you found an article from NewRetirement.com with recommendations from financial guru, Dave Ramsey and others. Dave Ramsey recommends investing 15% of every paycheck into a Roth IRA and pre-tax retirement accounts. If your household earns $75,000 annually and you adhere to Ramsey's recommendation, how much will your retirement account be worth if your 15% ordinary annuity earns 9% annually for 30 years?
Do not round intermediate calculations. Round your answer to the nearest dollar.
Step by Step Solution
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Step: 1
To solve this problem we need to calculate the future value of the 15 retirement contributions made annually over a 30year period assuming a 9 annual rate of return Given information Household annual income 75000 Retirement contribution ...
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Step: 2
Step: 3
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Personal Finance
Authors: E. Thomas Garman, Raymond E. Forgue
13th edition
1337099759, 978-1337516440, 1337516449, 978-1337099752
