Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Business & Finance Posted 29 May 2018 My Price 6.00

FV of annuity

FV of annuity due

6.        Starting on her 30th birthday, Anne plans to start saving for her retirement. She will contribute $3,000 to a brokerage account each year on her birthday, starting today. Her 35th and final contribution will take place on her 64th birthday. Anne currently has $20,000 in her savings account that will jump start her retirement savings. If the account has an expected annual return of 10%, how much will Anne expect to have in her account on her 65th birthday?

 

a.  $1,175,550.00

b.  $1,200,000.00

c.  $1,375,121.84

d.  $1,456,429.15

e.  $1,545,667.22

 

I got answer d. $1,456,429.15, is that right?

I started with $23,000... $20,000 from the amount she already had plus her $3,000 contribution. For each year following, I took the previous yer's amount, added 10% and her $3,000 annual contribution. Her 65th birthday was just the 10% annual return.

Answers

Maurice Tutor
(5)
Status NEW Posted 29 May 2018 09:05 PM My Price 6.00

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