Homework Answers
Information provided:
Yearly deposit= $8,386.75
Time= 36 years
Interest rate= 2%
The question is solved by entering the below in a financial calculator:
PMT= 8,386.75
N= 36
I/Y= 2
Press the CPT key and FV to compute the future value.
The value obtained is 496,063.76.
Therefore, I will have $496,063.76 when I retire.
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