Answered

Find the best answers to your questions at Westonci.ca, where experts and enthusiasts provide accurate, reliable information. Ask your questions and receive accurate answers from professionals with extensive experience in various fields on our platform. Discover detailed answers to your questions from a wide network of experts on our comprehensive Q&A platform.

Randy plans to save $10,000 per year for retirement starting today. If he earns a 10% annual return (tax free), compounded annually, how much will it be worth in ten years

Sagot :

Parrain

Based on the amount he plans to save and the interest, the amount Randy would be worth in ten years is $159,374.

How much would Randy be worth in 10 years?

This is an annuity as it is being paid per year so the amount in ten years can be found as:

= Amount invested x Future value interest factor of an annuity, 10 years, 10%

Solving gives:

= 10,000 x 15.9374

= $159,374

Find out more on annuities at https://brainly.com/question/5303391.

We appreciate your time. Please revisit us for more reliable answers to any questions you may have. We hope our answers were useful. Return anytime for more information and answers to any other questions you have. Keep exploring Westonci.ca for more insightful answers to your questions. We're here to help.