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(a) Suppose you want to save for your retirement in an account that can earn an annual rate of return of 7.5 percent. (i) You
(a) Suppose you want to save for your retirement in an account that can earn an annual rate of return of 7.5 percent. (i) You have just made your first $10,000 contribution to your retirement account. What will your account be worth when you retire in 40 years, assuming you make no additional contributions? Show your calculations. (3 marks) In addition to your first $10,000 contribution, what will your account be worth when you retire in 40 years, if you deposit $4,000 at the end of each year for the next 40 years? Show your calculations
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