Asked by beyonce logan on Jun 16, 2024
Verified
You are little late planning your retirement,but are looking forward to retiring in 10 years.You expect to save $6,000 a year at an annual rate of 8%.How much will you have accumulated when you retire?
Annual Rate
A percentage representing the interest, return, or changes expected over a one-year period for investments, loans, or growth calculations.
- Ascertain the future valuation of investments or savings, including recurring investments over time.
- Inspect investment or debt scenarios to make wise economic determinations.
Verified Answer
DJ
Diana JiangJun 17, 2024
Final Answer :
$86,919.60
The FV factor on the Future Value of an Annuity table when n = 10 and i = 8% is 14.4866.
Future Value of an Annuity = Annuity * FV Factor
Future Value of an Annuity = $6,000 * 14.4866 = $86,919.60
The FV factor on the Future Value of an Annuity table when n = 10 and i = 8% is 14.4866.
Future Value of an Annuity = Annuity * FV Factor
Future Value of an Annuity = $6,000 * 14.4866 = $86,919.60
Learning Objectives
- Ascertain the future valuation of investments or savings, including recurring investments over time.
- Inspect investment or debt scenarios to make wise economic determinations.