# You want to retire in 10 years. You can earn 8% APR on your investments. If you save $500 per...

## Question:

You want to retire in 10 years. You can earn 8% APR on your investments. If you save $500 per month (first payment today), what is the future value of your investment?

## Retirement Schemes:

Business institutions introduce retirement schemes for the welfare of their employees. Employees determine an optimal retirement plan that uses the minimum investment amount and provides maximum benefits after retirement.

## Answer and Explanation: 1

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View this answerCalculation of the future value:

{eq}\begin{align*} {\rm\text{Future Value}} &= {\rm\text{Savings}} \times \dfrac{{\left( {1 +...

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Chapter 7 / Lesson 6Retirement Compensation systems are employed by companies to keep employees safe upon retirement. Learn more about defining contribution plans, read on examples of each type and the usage of cash payment plans, pensions and 401(k) plans.

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