On Juan’s twenty-sixth birthday, he invested $7,500 in a retirement account. Each year thereafter, he deposited 8 percent more than the previous deposit. The account paid annual compound interest of 5 percent. If Juan decided to wait 8 years before investing for retirement, how much would he have to invest at that time to have the same account balance on his sixtieth birthday?

Answer rating: 100% (QA)

First saving at age of 26 year 7500 He will retire at age of 60 year so numbet ... View the full answer