You have just made your first $5,000 contribution to your individual retirement account. Assuming you earn a
Question:
You have just made your first $5,000 contribution to your individual retirement account. Assuming you earn a 10.5 percent rate of return and make no additional contributions, what will your account be worth when you retire in 45 years? What if you wait 10 years before contributing? (Does this suggest an investment strategy?)
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To find the FV of a lump sum we use FV PV1 r t FV 500011050 45 FV 44...View the full answer
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Related Book For 
Essentials Of Corporate Finance
ISBN: 9780073382463
7th Edition
Authors: Stephen Ross, Randolph Westerfield, Bradford Jordan
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