Jusef has won the $3,800,000 state lottery and intends to save all of the money for...
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Jusef has won the $3,800,000 state lottery and intends to save all of the money for his retirement. He chooses to receive an annual cash flow of $190,000 for twenty years, with the first payment to be received one year from today. How much money will be in his retirement account in twenty years if he can reinvest his money at an annual rate of 8.75%? Jusef has won the $3,800,000 state lottery and intends to save all of the money for his retirement. He chooses to receive an annual cash flow of $190,000 for twenty years, with the first payment to be received one year from today. How much money will be in his retirement account in twenty years if he can reinvest his money at an annual rate of 8.75%?
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To calculate Jusefs retirement account balance in 20 years we need to find the future value of his a... View the full answer
Related Book For
Financial Accounting An Integrated Statements Approach
ISBN: 978-0324312119
2nd Edition
Authors: Jonathan E. Duchac, James M. Reeve, Carl S. Warren
Posted Date:
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