Shawn decides to put $5,000 into his retirement plan at the age of 22. He will continue to invest the same amount for a total of 16 years and then stop contributing. Assume 10% annual return.
How much money will Shawn who will be 38 years old at that point, have in his retirement plan when he is ready to retire at age 62? Assume the same 10% annual return.

Question

Quizplus · Accepted Answer

FV = $5,000 × 11eaaae8_8b38_2b71_a4b8_9347b3a77117_TB6474_11 = $179,748.65 FV = $179,748.65 × (1 + 0.1)²⁴= $1,770,476.15 Calculator entries are N = 24, I/Y = 10, PV = −179,748,65 PMT = 0, CPT FV → 1,770,476.15.

Shawn Decides to Put $5,000 into His Retirement Plan at the Age