You are starting to save for retirement and just made your first $1,000 contribution to your...

You are starting to save for retirement and just made your first $1,000 contribution to your retirement account. Assume you earn an 8% rate of return and make no additional contributions. What will your account be worth when you retire in 30 years?

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Expert Solution

Ans $ 10062.66

FV =	Future Value
PV =	Present Value
r =	rate of interest
n=	no of period


FV =	PV (1 + r )^n
FV =	1000*(1+ 8%)^30
FV =	10062.66

jeff jeffy answered 1 year ago

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