Sharon decides to put $6,500 into her retirement plan at the age of 26. She will continue to invest the same amount for a total of 6 years and then stop contributing. Assume 10.8% annual return.
How much money will Sharon have in her retirement plan when she is ready to retire at age 63?

Question

Quizplus · Accepted Answer

FV = $6,500 × 11eaaae8_8b37_dd50_a4b8_3fcc92436f10_TB6474_11 = $51,174.54 FV = $51,175 (1 + 0.108)³¹ = $1,229,675.23 Calculator entries are N = 31, I/Y = 10.8, PV = −51,174.54 PMT = 0, CPT FV → 1,229,675.23.

Sharon Decides to Put $6,500 into Her Retirement Plan at the Age