You are 21years old and decide to start saving for your retirement. You plan to save $4,500at
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You are 21years old and decide to start saving for your retirement. You plan to save $4,500at the end of each year(so the first deposit will be one year fromnow), and will make the last deposit when you retire at age 69. Suppose you earn 8%per year on your retirement savings.
a. How much will you have saved forretirement?
b. How much will you have saved if you wait until age 34to start saving(again, with your first deposit at the end of theyear)
Related Book For
Fundamental accounting principle
ISBN: 978-0078025587
21st edition
Authors: John J. Wild, Ken W. Shaw, Barbara Chiappetta
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