Jennifer is planning her retirement. She currently has $6,783 in an IRA account that will return 8% per annum as long as she keeps the money on deposit. She will save $2,000 at the end of each year for the next 32 years until she retires in an account that she expects will earn 7% per annum. How much will she have when she retires?
Jennifer is planning her retirement. She currently has $6,783 in an IRA account that will return 8% per annum as long as she keeps the money on deposit. She will save $2,000 at the end of each year for the next 32 years until she retires in an account that she expects will earn 7% per annum. How much will she have when she retires?
Chapter5: The Time Value Of Money
Section: Chapter Questions
Problem 19P
Related questions
Question
Jennifer is planning her retirement. She currently has
$6,783
in an IRA account that will return
8%
per annum as long as she keeps the money on deposit. She will save
$2,000
at the end of each year for the next 32 years until she retires in an account that she expects will earn
7%
per annum. How much will she have when she retires?
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