SOLUTION: Hannah's aunt, 54 years old, is evaluating her retirement portfolio. She paid her house off in anticipation of an early retirement. In addition, she has invested wisely in her comp
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Question 1113169: Hannah's aunt, 54 years old, is evaluating her retirement portfolio. She paid her house off in anticipation of an early retirement. In addition, she has invested wisely in her company’s 406k, a Roth IRA, municipal bonds, and certificates of deposit. She has amassed $292,000 in her diversified portfolio. Today, she has the opportunity to deposit her money at 9% compounded quarterly. Assume she retires at 61 years old.
How much will her investment be worth? Answer by jorel1380(3719) (Show Source):
You can put this solution on YOUR website! 9% compounded quarterly=2.25% per quarter
7 years=28 quarters
(1.0225)^28=1.865
1.865 x 292000=$544447 at retirement
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