SOLUTION: Suppose at age 16 you decided to invest $5.00 in a fund that pays 8% interest compounded annually. How much money will have accrued in the fund when you retire at age 65?

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Question 130843: Suppose at age 16 you decided to invest $5.00 in a fund that pays 8% interest compounded annually. How much money will have accrued in the fund when you retire at age 65?
Answer by checkley71(8403) About Me  (Show Source):
You can put this solution on YOUR website!
p(1+r)^t
5(1+.08)^65-16
5(1.08)^49
5*42.427
$217 will be accumulated @ age 65.
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Not much to live on!!!!!!!