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You have just made your first $3,500 contribution to your retirement account. Assuming you earn an 8 percent rate of return and make no additional
You have just made your first $3,500 contribution to your retirement account. Assuming you earn an 8 percent rate of return and make no additional contributions. |
Required: | |
(a) | What will your account be worth when you retire in 40 years? |
A. 79,837.62 B. 4,710.76 C. 79,077.26 D. 76,035.83 E. 72,234.03 |
(b) | What will your account be worth if you wait 7 years before contributing? |
A. 46,584.48 B. 44,366.17 C. 42,147.87 D. 5,998.38 E. 46,140.82 |
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