You start working at age 20 and you plan to deposit $5,000 in a savings account every year for the next 45 years.
a.At the end of this time,how much money will you have if the interest rate is 5%?
b.You decide that's not enough money.How much will you have to save every year if you wish to have $1,000,000 when you retire?

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The Answer of You start working at age 20 and you plan to deposit $5,000 in a savings account every year for the next 45 years.
a.At the end of this time,how much money will you have if the interest rate is 5%?
b.You decide that's not enough money.How much will you have to save every year if you wish to have $1,000,000 when you retire?

You Start Working at Age 20 and You Plan to Deposit