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You have just made your first $5,700 contribution to your retirement account. Assuming you earn an...

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Accounting

You have just made your first $5,700 contribution to yourretirement account. Assuming you earn an 13 percent rate of returnand make no additional contributions, your retirement account willbe worth $592,728 when you retire in 38 years. What will youraccount be worth at retirement if you had waited 7 years beforemaking the $5,700 contribution? (Round time value factors to 6decimal places and final answer to the nearest dollar amount)

Answer & Explanation Solved by verified expert
3.8 Ratings (515 Votes)
Correct Answer your account Will be worth 251946 at retirement if you had waited 7 years before making the 5700 contribution Solution Amount Principle1r100t Amount 592728 Principle 5700 Rate 13 Time1 38 years Time2 387 31years Therefore 570011310031 570011331 5700    See Answer
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