Question
Today is your 22 nd birthday. Your parents just gave you 250.000TL that you plan to use to open a stock brokerage account. Your plan
Today is your 22nd birthday. Your parents just gave you 250.000TL that you plan to use to open a stock brokerage account. Your plan is to add 50.000TL to the account each year on your birthday. Your first 50.000TL contribution will come one year from now on your 23rd birthday. Your 48th and final 50.000TL contribution will occur on your 70th birthday. You plan to withdraw 100.000TL from the account seven years from now on your 29th birthday to take a trip to Africa. You also anticipate that you will need to withdraw 150.000TL from the account 13 years from now on your 35th birthday to take a trip to Asia. You expect that the account will have an average annual return of 17 percent. How much money do you anticipate that you will have in the account on your 70th birthday, following your final contribution?
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