Business, 12.02.2020 03:33 AleciaCassidy
An engineer wants to contribute $5,000 per year to her retirement account out of her year-end bonus. However, she just got out of school and there are a lot of other things that need her attention. Suppose she starts contributing to the retirement account 10-years-post graduation, leaving her 25 years until retirement. The interest rate is 8%, compounded annually. How much money will she have in the account at retirement?
A. $622,910.
B. $365,530.
C. $568,432.
D. $315,250.
Answers: 1
![\\ FV=A[\frac{(1+r)^{n}-1}{r}]](/tpl/images/0508/0177/176b7.png)
![\\ FV=A[\frac{(1+r)^{n}-1}{r}]\\=5000\times[\frac{(1+0.08)^{25}-1}{0.08}]\\=365529.699\\\approx365530](/tpl/images/0508/0177/9c6d4.png)
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An engineer wants to contribute $5,000 per year to her retirement account out of her year-end bonus....
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