Healthcare Finance (5) A recent college graduate hopes to have $200,000 saved in their retirement account...
Healthcare Finance
| (5) | A recent college graduate hopes to have $200,000 saved in their retirement account 25 years from now by contributing $150 per month in a 401(k) plan. The goal is to earn 10% annually on the monthly contribution. Will they have the $200,000 at the end of the 25 years? | |||||||||
| Answer: | ||||||||||
Homework Answers
The amount of college graduate will have in 25 years is:
=FV(rate,nper,pmt)
=FV(10%/12,25*12,-150)
=199,025.01
So he will almost have 200,000
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