Question
Today is Hadley's 21st birthday. Starting today, Hadley plans to begin saving for his retirement. His plan is to contribute $1,000 to a brokerage account
Today is Hadley's 21st birthday. Starting today, Hadley plans to begin saving for his retirement. His plan is to contribute $1,000 to a brokerage account each year on his birthday. His first contribution will take place on his 22nd birthday. His 45th and final contribution will take place on his 66th birthday. To help Hadley save money for his retirement, Hadley's father gifted him $25,000 for his 21st birthday. Hadley plans to deposit that gift into this retirement account right away. Assume that the account has an expected annual return of 12 percent. How much money will Hadley have on his 66th birthday in this account? $5,457,920.13 $4,872,250.12 $5,017,667.62 $5,620,907.73 $1,358,230.03
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