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Starting on his 30 th birthday, Mario plans to start saving for his retirement.He will contribute $6,000 to a brokerage account each year on his
Starting on his 30th birthday, Mario plans to start saving for his retirement.He will contribute $6,000 to a brokerage account each year on his birthday, starting today. His 35th and final contribution will take place on his 64th birthday. Mario currently has $5,000 in his savings account that will jump start his retirement savings.If the account has an expected annual return of 5%, how much will Mario expect to have in his account on his 65th birthday?
a.$514,341.77
b.$536,668.50
c.$562,188.58
d.$569,501.92
e.$596,598.01
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