A chemical engineer planning for her retirement will deposit 10% of her salary each year into a high-technology stock fund. If her salary this year is $60,000 (i.e., end of year 1) and she expects her salary to increase by 4% each year, what will be the present worth of the fund after 15 years if it earns 4% per year?
Answers
Answered by
2
For g = i, P = 60,000(0.1)[15/(1 + 0.04)] = $86,538
Similar questions