Question

You are

2424

years
old and decide to start saving for your retirement. You plan to
save
$ 6 comma 500$6,500

at
the end of each year (so the first deposit will be
one year from now), and will make the last deposit
when you retire at age
6767.

Suppose
you earn
11 %11%

per
year on your retirement savings.
3838

to
start saving (again, with your first deposit at the
end of the year)? Answer #1

a) Years of savings = 67-24 = 43

Future value of annuity /amount saved = FVA 11%,43* Annuity amount

= 799.07* 6500

= $ 5,193,955

b)years of savings : 67-38 = 29 years

Amount saved = FVA 11%,29* A

= 178.39719* 6500

= $ 1,159,581.74

FUture value annuity factor can be find from annuity table at 11% for n periods .

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