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).

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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