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Asked 10/17/2007
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Looking ahead to retirement, you sign up for automatic savings in a fixed-income 401K plan that pays 6%? per year compounded annually. You plan to invest $3500 at the end of each year for the next 20 years. How much will your account have in it at the end of 20 years? |
Answer 1/1 - Submitted 10/17/2007
Take the starting amount, add 6% and an additional $3500. Repeat for 20 years:
Amount, Interest (6%)
$3,500.00, $210.00
$7,210.00, $432.60
$11,142.60, $668.56
$15,311.16, $918.67
$19,729.83, $1,183.79
$24,413.62, $1,464.82
$29,378.44, $1,762.71
$34,641.15, $2,078.47
$40,219.62, $2,413.18
$46,132.80, $2,767.97
$52,400.77, $3,144.05
$59,044.82, $3,542.69
$66,087.51, $3,965.25
$73,552.76, $4,413.17
$81,465.93, $4,887.96
$89,853.89, $5,391.23
$98,745.12, $5,924.71
$108,169.83, $6,490.19
$118,160.02, $7,089.60
$128,749.62
The closest answer is $128,750
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