Let's say you are going to retire at age 65. You will begin collecting checks from an annuity investment you made when you were 21. You will collect checks in the amount of $4,153.89 on your 65th birthday and every birthday until you are into your nineties...assume 36 annual checks in total. Assuming a discount rate of 6%, what is this retirement fund worth as of your 40th birthday?

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To calculate the present value of the retirement fund as of your 40th birthday we need ... View the full answer