You just got a new job ( congratulations ! ) , and you plan to put 4

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Question:

You just got a new job

(

congratulations

!),

and you plan to put

4 %

of your annual income of $

50, 000

into a retirement account. You expect your income to grow by

3 %

each year, and therefore your contribution to your retirement account will grow by the same percentage. If your retirement account earns

8 %

interest per year, how much will be in your account when you retire in

40

years?

Posted Date: May 19, 2024 02:06 AM

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