Asked by Mike
Contributing $1,500 to his retirement fund at the end of each year beginning at age 18 through age 50, with an average annual return of 12%, how much does Juan have in his retirement account at this time to use toward a possible early retirement?
Answers
Answered by
Reiny
i = .12
n = 50-18
= 32
amount = 1500( 1.12^32 - 1)/.01
= $457,271.58
where can you get 12% these days?
n = 50-18
= 32
amount = 1500( 1.12^32 - 1)/.01
= $457,271.58
where can you get 12% these days?
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