1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
vodka [1.7K]
3 years ago
11

Your job pays you only once a year for all the work you did over the previous 12 months. Today, December 31, you received your s

alary of $52,000 and you plan to spend all of it. However, you want to start saving for retirement beginning next year. You have decided that one year from today you will begin depositing 10 percent of your annual salary in an account that will earn 9.2 percent per year. Your salary will increase at 3 percent per year throughout your career. How much money will you have on the date of your retirement 40 years from today?
Business
1 answer:
s344n2d4d5 [400]3 years ago
6 0

Answer:

Final Value= $4,216,869

Explanation:

Giving the following information:

You have decided that one year from today you will begin depositing 10 percent of your annual salary in an account that will earn 9.2 percent per year. Your salary will increase at 3 percent per year throughout your career. Your salary is $52,000

Your retirement is in 40 years.

We need to use the following formula:

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

A=annual payment= 5,200

i= 9.2% interest + 3% year increase= 12.2%

n=40

FV= {5,200*[(1.122^40)-1]}/0.122

FV= $4,216,869

You might be interested in
Which one is not a current issue regarding export controls?
Lubov Fominskaja [6]
I would say "B. Who is the enemy?" , because of its generalization and vagueness. I recommend looking deeper into the definitions, but who is the enemy is definitely my choice.
5 0
3 years ago
john a supervisor at the local factory revicea freuesnt requests from workers on how to fix the machine they use what shoud, joh
faust18 [17]
The answer is John should continue to fix the machine himself.
3 0
2 years ago
What are the advantages of electronic communication
fiasKO [112]

Answer:

IT HEPLS TO SOLVE ECONOMIC PROBLEMS ABOUT TRADITIONAL SUPERSTATION

5 0
3 years ago
Read 2 more answers
Which of the following is a function of a commercial bank? *
Zarrin [17]

Answer:

lending of depositor's funds

3 0
2 years ago
Ruth executes a will in 2012 naming her nephew stan as sole beneficiary. in 2014, ruth executes another will, naming her niece t
Slav-nsk [51]

Stan and Tammy will share the estate in equal shares. You are able to have as many beneficiaries as you name, due to this and no change in the first will, both will be heirs to the estate. If Ruth were to have revoked the first will, then it would have left Tammy the sole beneficiary.

5 0
3 years ago
Other questions:
  • Jose does not have a retirement plan at work. He currently earns $30,000 in salary and is in the 15% marginal tax bracket. If he
    7·1 answer
  • Daryl is the founder of a successful smartphone application. He is detail-oriented and has high expectations of his employees. H
    11·2 answers
  • The owners of a corporation are its shareholders. If a corporation has only one class of shares, they typically are labeled comm
    11·1 answer
  • What information is needed to create a monthly budget
    14·1 answer
  • McKeel Publishing had outstanding checks totaling $5,540 on its June bank reconciliation. In July, McKeel issued checks totaling
    12·1 answer
  • Which job would require a license or certification?
    7·2 answers
  • What is another name for intermediaries? Name two types of intermediaries. Name five non-store retailing methods.
    7·1 answer
  • I really need help with question 4 Please help
    6·1 answer
  • your company’s marketing manager implements the company’s new marketing strategy and tactics on the market. what types of inform
    9·1 answer
  • all of the following would be considered manufacturing overhead costs by a book publisher except a. wages paid to the production
    10·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!