You will be receiving $5,000 from your family as a graduation present. You have decided to save this money for your retirement. You plan to retire thirty years after graduating. How much additional money will you have at that time if you can earn an average of 9 percent on your investment instead of just 8 percent? (Round to the nearest dollar)

asked by solooloo

10 years ago

1,552 views

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2 answers

difference
= 5000( 1.09^30 - 1.08^30)
= $16,025.11

answered by Reiny

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Thank you very much Reiny~

answered by solooloo

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Question

You will be receiving $5,000 from your family as a graduation present. You have decided to save this money for your retirement. You plan to retire thirty years after graduating. How much additional money will you have at that time if you can earn an average of 9 percent on your investment instead of just 8 percent? (Round to the nearest dollar)

2 answers

difference
= 5000( 1.09^30 - 1.08^30)
= $16,025.11

Thank you very much Reiny~

Reiny · Answer

difference = 5000( 1.09^30 - 1.08^30) = $16,025.11

solooloo · Answer

Thank you very much Reiny~