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Todayisyour20 th birthday.Yourparentsjustgaveyou$5,000andyouplantoadd$500totheaccounteachyearstartingoneyearfromnow.Your45 th andfinal$500contributionwilloccuronyour65 th birthday.Youplantowithdraw$5,000fromtheaccountfiveyearsfromnow.Youalsoanticipatethatyouwillneedtowithdraw$10,000fromtheaccount10yearsfromnow.Youexpectthattheaccountwillhaveanaverageannualreturnof12percent.Howmuchmoneyyouwillhaveintheaccountonyour65 th birthday? Please show me how you got the answer

  • Todayisyour20thbirthday.Yourparentsjustgaveyou$5,000andyouplantoadd$500totheaccounteachyearstartingoneyearfromnow.Your45thandfinal$500contributionwilloccuronyour65thbirthday.Youplantowithdraw$5,000fromtheaccountfiveyearsfromnow.Youalsoanticipatethatyouwillneedtowithdraw$10,000fromtheaccount10yearsfromnow.Youexpectthattheaccountwillhaveanaverageannualreturnof12percent.Howmuchmoneyyouwillhaveintheaccountonyour65thbirthday?
  • Please show me how you got the answer

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