SOLUTION: If you made $3,000 a year in contributions to your retirement account starting at the age of 25, making an average of 8% annual return, how much will you have at the age 65?

Algebra ->  Percentages: Solvers, Trainers, Word Problems and pie charts -> SOLUTION: If you made $3,000 a year in contributions to your retirement account starting at the age of 25, making an average of 8% annual return, how much will you have at the age 65?      Log On


   

Question 1037015: If you made $3,000 a year in contributions to your retirement account starting at the age of 25, making an average of 8% annual return, how much will you have at the age 65?
Found 2 solutions by addingup, MathTherapy:
Answer by addingup(3677) About Me  (Show Source):
You can put this solution on YOUR website!
At 65: 3000(1+.08)^40 = 65,173.56

Answer by MathTherapy(10551) About Me  (Show Source):
You can put this solution on YOUR website!

If you made $3,000 a year in contributions to your retirement account starting at the age of 25, making an average of 8% annual return, how much will you have at the age 65?
Amount in account at age 65:

highlight_green%28matrix%281%2C1%2C+%22%24777%2C169.56%22%29%29, if contributions are made at the END of each year, but

highlight_green%28matrix%281%2C1%2C+%22%24839%2C343.12%22%29%29, if contributions are made at the BEGINNING of each year