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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.

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