Asked by Darlene
In 2012 the maximum Social Security deposit by an individual was $8,386.75. Suppose you are 33 and make a deposit of this amount into an account at the end of each year. How much would you have (to the nearest dollar) when you retire if the account pays 2% compounded annually and you retire at age 65?
Answers
Answered by
mathhelper
Amount = 8386.75( 1.02^32 - 1)/.02
= ....
= ....
Answered by
Darlene
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