Answered

Westonci.ca connects you with experts who provide insightful answers to your questions. Join us today and start learning! Ask your questions and receive detailed answers from professionals with extensive experience in various fields. Get immediate and reliable solutions to your questions from a community of experienced professionals on our platform.

You have just made your first $4,400 contribution to your retirement account. Assume you earn a return of 13 percent per year and make no additional contributions. a. What will your account be worth when you retire in 29 years

Sagot :

Parrain

Answer: $152,309.69

Explanation:

You are looking for the future value of this amount in 29 years assuming it will be compounded annually.

Future value = Amount * (1 + rate)^ number of years

= 4,400 * ( 1 + 13%)²⁹

= $152,309.69

We appreciate your time. Please come back anytime for the latest information and answers to your questions. Thanks for stopping by. We strive to provide the best answers for all your questions. See you again soon. We're here to help at Westonci.ca. Keep visiting for the best answers to your questions.