document.write( "Question 923438: The question is: You are working on saving for retirement. You will reach full retirement age in 20 years, and you can invest $5000 each year and can earn 7% annually during this period. How much money will you have as you enter the retirement phase of your life, from this investment?
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document.write( "I cannot seem to find the formula for this. Please help! \n" );
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Algebra.Com's Answer #560030 by jim_thompson5910(35256)![]() ![]() ![]() You can put this solution on YOUR website! You will use the future value of annuity formula\r \n" ); document.write( " \n" ); document.write( "\n" ); document.write( " ![]() \n" ); document.write( " \n" ); document.write( " \n" ); document.write( "\n" ); document.write( "Rate per period: r = 0.07 (in decimal form) \n" ); document.write( "n = 20 since you have 20 periods (20 years, deposit annually) \n" ); document.write( "P = 5000, the amount you deposit each year\r \n" ); document.write( " \n" ); document.write( " \n" ); document.write( "\n" ); document.write( " \n" ); document.write( " \n" ); document.write( " \n" ); document.write( "\n" ); document.write( " \n" ); document.write( " \n" ); document.write( " \n" ); document.write( "\n" ); document.write( " \n" ); document.write( " \n" ); document.write( " \n" ); document.write( "\n" ); document.write( " \n" ); document.write( " \n" ); document.write( " \n" ); document.write( "\n" ); document.write( "You will have $276,391.75 when you retire.\r \n" ); document.write( " \n" ); document.write( "\n" ); document.write( "------------------------------------------------------------------------\r \n" ); document.write( " \n" ); document.write( "\n" ); document.write( "Let me know if that helps or not. Thanks.\r \n" ); document.write( " \n" ); document.write( "\n" ); document.write( "If you need more help, feel free to email me at jim_thompson5910@hotmail.com\r \n" ); document.write( " \n" ); document.write( "\n" ); document.write( "My Website: http://www.freewebs.com/jimthompson5910/home.html\r \n" ); document.write( "\n" ); document.write( " \n" ); document.write( " |