How much money will you have in savings when you retire in


As a part of your savings plan at work, you have been depositing $250 per quarter in a savings account earning 8% interest compounded quarterly for the last 10 years. You will retire in 15 years and want to increase your contribution each year from $1,000 to $ 2,000 per year, by increasing your contribution every four months from $250 to $500. Additionally, you have just inherited $10,000 which you plan to invest now to earn interest at 12% ompounded annually for the next 15 years. How much money will you have in savings when you retire in 15 years from now?

Request for Solution File

Ask an Expert for Answer!!
Finance Basics: How much money will you have in savings when you retire in
Reference No:- TGS0605430

Expected delivery within 24 Hours