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olganol [36]
3 years ago
10

Mark Johnson invests a fixed percentage of his salary at the end of each year. This year he invested $1500 For the next 5 years,

he expects his salary to increase 8% annually, and he plans to increase his savings at the same rate. How much will the investments be worth at the end of 6 years if the average increase in the stock market is (a) 8% (b) 5%(c) 3%
Business
1 answer:
meriva3 years ago
5 0

Answer:

Mark Johnson's investment would worth $ 13,223.95  at 8%,$ 12,338.93  

at 5% and $ 11,784.66  at 3%

Explanation:

In calculating the worth of the investments at different rates of interest I adopted the future value approach as contained in the attached.

Download xlsx
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