You are 22 years old and currently have $100,000 in savings for retirement. You will start...

 

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You are 22 years old and currently have $100,000 in savings for retirement. You will start making annual contributions to your savings at the beginning of each year in the amount of $2,500. If you earn an average of 5.25% on your savings, how much will you have at retirement at age 65? 5.25% 100,000 2,500 65 22 Value of current savings at retirement: Value of annual contributions at retirement: Total Savings: You are 22 years old and currently have $100,000 in savings for retirement. You will start making annual contributions to your savings at the beginning of each year in the amount of $2,500. If you earn an average of 5.25% on your savings, how much will you have at retirement at age 65? 5.25% 100,000 2,500 65 22 Value of current savings at retirement: Value of annual contributions at retirement: Total Savings:

Answer rating: 100% (QA)

To calculate the value of your current savings at retirement we can use the compound interest formul... View the full answer