Question

Jack is 28 years old now and plans to retire in 35 years. He works in a local bank and has an annual after-tax income of $45,000. His expected annual expenditure is $36,000, and the rest of his income will be invested at the beginning of each of the next 35 years at an expected annual rate of return of 12.6 percent. Calculate the amount Jack will have accumulated when he retires.



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  • CreatedFebruary 25, 2015
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