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yan [13]
3 years ago
13

Isaiah is in his 50s and currently does not have a retirement fund. However, he recently read a few articles about the insuffici

ent savings of people in retirement and, as a result, he decides he wants to start now. He saves $500 per month for 15 years and earns 7% by investing in the stock market through an index fund.
Business
1 answer:
leonid [27]3 years ago
4 0

Answer:

Future Value= $158,475.64

Explanation:

Giving the following information:

He saves $500 per month for 15 years and earns 7% by investing in the stock market through an index fund.

I assume we have to determine the value of the investment at the time of retirement.

<u>We need to use the following formula:</u>

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

A= monthly deposit= 500

n= 15*12= 180

i= 0.07/12= 0.005833

FV= {500*[(1.005833^180) - 1]} / 0.006833

FV= $158,475.64

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6 0
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