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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 2 years ago
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