Home / Questions / Suppose you can afford to invest $1000 at the beginning of eachmonth in hopes to save for
Suppose you can afford to invest $1000 at the beginning of eachmonth in hopes to save for retirement at the age of 65. For boththe annual rates r = 3.2% and r = 8.05%, compounded monthly:
A. Calculate the total future value of the account when you are65 assuming you start this process as soon as you turn 23 (so youinvest for 42 years total).
B. Calculate the total future value of the account when you are65 assuming you start this process as soon as you turn 30 (so youinvest for 35 years total).
C. Calculate the total future value of the account when you are65 assuming you start this process as soon as you turn 40 (so youinvest for 25 years total).
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