In: Finance
As a fringe benefit for the past 8 years, Colin's employer has contributed $50 at the end of each month into an employee retirement account for Colin that pays interest at the rate of 8%/year compounded monthly. Colin has also contributed $2,000 at the end of each of the last 4 years into an IRA that pays interest at the rate of 10%/year compounded yearly. How much does Colin have in his retirement fund at this time?
a. $15,975.43
b. $9,282.00
c. $6,693.43
d. $9,813.83
How much does Colin have in his retirement fund at this time?
=FV(8%/12,12*8,-50)+FV(10%,4,-2000)
=15975.4291