Assume you get paid your annual salary once at the end of the year, that...
60.1K
Verified Solution
Link Copied!
Question
Finance
Assume you get paid your annual salary once at the end of the year, that is you are paid only once a year for all the work you did over the previous 12 months. Today, December 31, you just received your salary of $61,000 and you plan to spend all of it. However, you want to start saving for retirement beginning next year. You have decided that one year from today you will begin depositing 10 percent of your annual salary in an account that will earn 10.1 percent per year. Your salary will increase at 4 percent per year throughout your career. How much money will you have on the date of your retirement 45 years from today? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) Future value
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
