You plan to retire at the age of 60. You are now 30 and plan to...

You plan to retire at the age of 60. You are now 30 and plan to save $8,000 per year for retirement, with the first deposit made one year from today. Your mutual fund account offers you 10% of return each year. You expect to live on your retirement fund till age 90 after retirement. Calculate total amount available for retirement at the age of 60.
1. $1,365,510
2. $1,417,088
3. $1,315,952
4. $1,258,146

Expert Solution

jeff jeffy answered 2 years ago

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