Your job pays you only once a year, for all the work you did over the previous
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Your job pays you only once a year, for all the work you did over the previous 12 months. Today, December 31, you just received your salary of $85,000 and you plan to spend all of it. However, you want to start saving for retirement beginning next year. You have decided that one year from today you will begin depositing 10 percent of your annual salary in an account that will earn 9.5 percent per year. Your salary will increase at 3.3 percent per year throughout your career. How much money will you have on the date of your retirement 35 years from today?
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Since your salary grows at 33 percent per year your salary next year ...View the full answer
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Related Book For
Corporate Finance Core Principles And Applications
ISBN: 9781260571127
6th Edition
Authors: Stephen Ross, Randolph Westerfield, Jeffrey Jaffe, Bradford Jordan
Question Posted:
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