You want to start saving for retirement. If you deposit $2,000 at the beginning of each year for...
Question:
You want to start saving for retirement. If you deposit $2,000 at the beginning of each year for the next 60 years and earn an 11% annual rate of return on the investment, how much will you have when you retire?
Retirement:
Retirement refers to the phase of life when a person stops working and relies on savings, pensions, and other sources of income to support them. Many countries have a system of paying money to retirees.
Answer and Explanation: 1
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View this answerGiven information:
- The Present Value (PV) = $2,000
- The annual interest rate (r) = 11% or 0.11
- The number of periods (n) = 60 years
Calculation...
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How to Calculate Future Value: Formula & Example
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Chapter 5 / Lesson 16
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Understand the definition of future value and the future value formula. Explore some examples that show how to calculate the future value of an investment.
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