Question
You have just made your first $3,000 contribution to your retirement account. Assuming you earn an 9 percent rate of return and make no additional
You have just made your first $3,000 contribution to your retirement account. Assuming you earn an 9 percent rate of return and make no additional contributions.
(a) What will your account be worth when you retire in 45 years?
(b) What will your account be worth if you still retire in 45 years, but you wait 10 years before making your contribution?
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Financial Markets And Institutions
Authors: Frederic S. Mishkin, Stanley Eakins
6th International Edition
0321552113, 9780321552112
