Mr X has 50,000 dollar in a bond fund and expects that every year he will...

Mr X has 50,000 dollar in a bond fund and expects that every year he will be able to save and add 12,000 dollars to the bond fund. Assuming that the bond fund will give 7% return per year, how much money will he have by the time of retirement (12 years).

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Expert Solution

how much money will he have by the time of retirement (12 years)

=50000*(1+7%)^12+12000*(((1+7%)^12-1)/7%)

=327270.99

jeff jeffy answered 2 years ago

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