E2. A 41-year-old consulting engineer wants to set up a retirement fund to be used starting at age 65. $20,000 is invested now at 6% compounded annually. Approximately how much money will be in the fund at retirement?

Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter9: Current Liabilities, Contingencies, And The Time Value Of Money
Section: Chapter Questions
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E2. A 41-year-old consulting engineer wants to set up a retirement fund to be used starting at age 65. $20,000 is
invested now at 6% compounded annually. Approximately how much money will be in the fund at retirement?
Transcribed Image Text:E2. A 41-year-old consulting engineer wants to set up a retirement fund to be used starting at age 65. $20,000 is invested now at 6% compounded annually. Approximately how much money will be in the fund at retirement?
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