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Natalka [10]
3 years ago
8

Suppose you start saving for retirement by depositing $4,000 every year into your retirement account. If your annual return is 8

%, how much will you have in 45 years if all of the deposits were made on the first of the year
Business
1 answer:
Mazyrski [523]3 years ago
4 0

Answer:

FV= $1,546,022.47

Explanation:

Giving the following information:

Annual deposit= $4,000

n= 45

i= 0.08

<u>To calculate the future value, we need to use the following formula:</u>

FV= {A*[(1+i)^n-1]}/i

A= annual deposit

FV= future value

i= interest rate

FV= {4,000*[(1.08^45) - 1]} / 0.08

FV= $1,546,022.47

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