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You are 20 years old and decide to start saving for your retirement. You plan to save $5,500 at the end of each year (so
You are 20 years old and decide to start saving for your retirement. You plan to save $5,500 at the end of each year (so the first deposit will be one year from now), and will make the last deposit when you retire at
age 69. Suppose you earn 7% per year on your retirement savings.
a. How much will you have saved for retirement?
b. How much will you have saved if you wait until age 36 to start saving (again, with your first deposit at the end of the year)?
a. How much will you have saved for retirement?
The amount that you will have accumulated for retirement is $. (Round to the nearest dollar.)
b. How much will you have saved if you wait until age 36 to start saving (again, with your first deposit at the end of the year)?
The amount that you will have accumulated for retirement is S. (Round to the nearest dollar.)
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Financial Accounting and Reporting
Authors: Barry Elliott, Jamie Elliott
14th Edition
978-0273744535, 273744445, 273744534, 978-0273744443
