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Suppose you start saving for retirement by depositing $4,000 EVERY YEAR into your retirement account. If...

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Finance

Suppose you start saving for retirement by depositing $4,000EVERY YEAR into your retirement account. If yourannual return is 8%, how much will you have in 45 years? How muchwould you have if all deposits were made on theFIRST of the year (as opposed to the last day ofthe year)? (please solve by hand and not excel)

Answer & Explanation Solved by verified expert
3.6 Ratings (659 Votes)
If making deposits at the last day of the year For the next 45 years you can save 4000 per year we can use FV of an Annuity formula to calculate the future value of after 45 years savings by you FV PMT    See Answer
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