Francine currently has $45,000 in her 401k account at work, and plans to contribute $8,000 each year for the next 15 years. How

Question

2 years ago

12

Francine currently has $45,000 in her 401k account at work, and plans to contribute $8,000 each year for the next 15 years. How

much will she have in the account in 15 years, if the account averages a 4% annual return?
I'm suppose to use a savings annuity formula. Any help would be appreciated!

Mathematics

1 answer:

earnstyle [38] · Answer 1 · 2023-01-08T19:07:15+03:00

earnstyle [38]2 years ago

8 0

Answer:

Here is the formula:

Step-by-step explanation:

FV= future value of the annuity · PMT= amount of the periodic payment · r= annual interest rate written in decimal form · m=number of compounding