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How much more do you have to invest in 15 years in order to achieve your goal?

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter5: The Time Value Of Money

Section: Chapter Questions

Problem 6P

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Question

You want to retire with $370 000 in the bank and you are able to earn 4.84% compounded quarterly for the next 25 years. You currently have $175 000 saved up. How much more do you have to invest in 15 years in order to achieve your goal?

A) $100 649.58

B) $110 649.58

C) $120 649.58

D) $130 649.58

E) $0.00

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