If starting from next year, you save and invest $15,000 per year for 30 years at...
If starting from next year, you save and invest $15,000 per year for 30 years at an interest rate of 4%, how much wealth will you be able to accumulate by the end of the 30th year?
a. 580,405.79 b. 841,274.79 c.other
Homework Answers
Future value of annuity=Annuity[(1+rate)^time period-1]/rate
=$15000[(1.04)^30-1]/0.04
=$15000*56.08493775
=$841,274.79(Approx).
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