How much will Marie have in her retirement account in years if her contribution is $ per year and the annual return on the acco
1 answer:
Answer:
The amount is constant so is an annuity and the value at the end of 10 years is the future value of an annuity.
Future value of annuity = Annuity * Future value interest factor of annuity, 10 years, 6%
= 7,000 * 13.1808
= $92,265.60
Value at the end of 10 years is $92,265.60.
The interest is;
= 92,265.60 - (7,000 * 10 years)
= 92,265.60 - 70,000
= $22,265.60
You might be interested in