Financial analysts recommend investing 15% to 20% of your annual income in your retirement fund...
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Financial analysts recommend investing 15% to 20% of your annual income in your retirement fund to reach a replacement rate of 70% of your income by age 65. This recommendation increases to almost 30% if you start investing at 45 years old. Mallori Rouse is 28 years old and has started investing $3,900 at the end of each year in her retirement account. How much will her account be worth in 20 years at 5% interest compounded annually? How much will it be worth in 30 years? What about at 40 years? How much will it be worth in 50 years? (Please use the following provided Table.) (Do not round intermediate calculations.Roundyour answers to the nearest whole dollar amount.)
20 Years-
30 Years -
40 Years-
50 Years-
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