At age, 18 you start to work for a company and are offered two rather fanciful retirement options.
Retirement Option 1:When you retire, you will be paid a lump sum of $15,000 for each year of service.
Retirement Option 2:When you start to work, the company will deposit $10,000 into an account that pays 9.6% interest compounded monthly. When you retire, the account will be closed and the balance given to you.
How much will you have under the second plan at age 55? (Round your answer to the nearest cent.)
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At age, 18 you start to work for a company and are offered two rather fanciful retirement options. <...
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