Your gross annual salary is $45,000. Your boss is going to give a $2,000 a year...

Your gross annual salary is $45,000. Your boss is going to give a $2,000 a year raise for this year and also for the next 2 years.
1. Suppose you invest your $2,000 first year raise every year for twenty years, and you get a 10% annual return on it. How much will it have grown to in 20 years? (Use the ordinary annuity formula.)

Expert Solution

	A/c balance after 20 years	P×[(1+r)^n-1]÷r

	Here,

A	Interest rate per annum	10.00%
B	Number of years	20
C	Number of payments per per annum	1
A÷C	Interest rate per period ( r)	10.00%
B×C	Number of periods (n)	20
	Payment per period (P)	$ 2,000

	A/c balance after 20 years	$ 114,550
		2000×((1+10%)^20-1)÷10%

jeff jeffy answered 2 years ago

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