You are planning on retiring for retirement 34 years from now. You plan to invest $4,200 per year for the first 7 years, $6,900 per year for the next 11 years, and $14,500 per year for the following 16 years (assume all cashflows occur at the end of each year). If you believe you will earn an effective annual rate of return of 9%, what will your retirement investment be worth 34 years from now?
You are planning on retiring for retirement 34 years from now. You plan to invest $4,200 per year for the first 7 years, $6,900 per year for the next 11 years, and $14,500 per year for the following 16 years (assume all cashflows occur at the end of each year). If you believe you will earn an effective annual rate of return of 9%, what will your retirement investment be worth 34 years from now?
Chapter5: The Time Value Of Money
Section: Chapter Questions
Problem 23P
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You are planning on retiring for retirement 34 years from now. You plan to invest $4,200 per year for the first 7 years, $6,900 per year for the next 11 years, and $14,500 per year for the following 16 years (assume all cashflows occur at the end of each year). If you believe you will earn an effective annual rate of return of 9%, what will your retirement investment be worth 34 years from now?
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