Mathematics, 15.04.2020 20:44 alisonlebron15
You are age 25, and have now settled into you first job. You desire to retire at age 60, and know that you can invest $8,750 each year. You have decided to use this as your primary retirement vehicle. At the end of the year, you invest $8,750, and $8,750 per year thereafter until age 60, and realize the average return on the stock market of 11% per year. How much do you have at age 60?
Answers: 2
![F.V.=\dfrac{P[(1+i)^{kn}-1]}{i}, i=\frac{r}{k}\\](/tpl/images/0602/7218/9f246.png)
![F.V.=\dfrac{8750[(1+0.11)^{35}-1]}{0.11}\\=\dfrac{8750[(1.11)^{35}-1]}{0.11}\\=\$2,988,908.60](/tpl/images/0602/7218/b4e04.png)
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You are age 25, and have now settled into you first job. You desire to retire at age 60, and know th...
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