SOLUTION: You would like to start saving for retirement. Assuming you are now 50 years old and you want to retire at age 60, you have 10 years to watch your investment grow. You decide to in

Question 633350: You would like to start saving for retirement. Assuming you are now 50 years old and you want to retire at age 60, you have 10 years to watch your investment grow. You decide to invest in the stock market, which has earned about 9% per year over the past 20 years and is expected to continue at this rate. You decide to invest $3,900 at the end of each year for the next 10 years. What is the future value of annuity?
Answer by rfer(16322) (Show Source): You can put this solution on YOUR website!
use Excel for this calculation.
=FV(0.09,10,3900)
answer is $59,252.43
RELATED QUESTIONS
Suppose you get $1000 as a tax refund this year,and deposit in a retirement account... (answered by Theo)

At the age 18 you start to work for a company and are offered two rather fanciful... (answered by VFBundy)

This is all retirement questions 1. In the short term, which investment carries the... (answered by Boreal)

You want to be able to withdraw $40,000 from your account each year for 25 years after... (answered by greenestamps)

Eugene began to save for his retirement at age 20, and for 10 years he put $ 550 per... (answered by ikleyn)

At the age 18 you start to work for a company and are offered two rather fanciful... (answered by greenestamps)

Suppose that you start working for a company at age 25. You are offered two rather... (answered by Theo)

At the age 18 you start to work for a company and are offered two rather fanciful... (answered by greenestamps)

You are 23 years old. You want to provide income for your retirement years. You would... (answered by ikleyn)