Solve the problem. round to the nearest dollar if needed. looking ahead to retirement, you sign up for automatic savings in a fixed-income 401k plan that pays 5% per year compounded annually. you plan to invest $3500 at the end of each year for the next 15 years. how much will your account have in it at the end of 15 years?
a. $77,295
b. $75,525
c. $76,823
d. $73,982

Question

06-08-2017
Business

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Solve the problem. round to the nearest dollar if needed. looking ahead to retirement, you sign up for automatic savings in a fixed-income 401k plan that pays 5% per year compounded annually. you plan to invest $3500 at the end of each year for the next 15 years. how much will your account have in it at the end of 15 years?
a. $77,295
b. $75,525
c. $76,823
d. $73,982

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Louli Louli · Answer 1 · 2017-08-15T00:28:55+02:00

To know how much you'll have by the end of the 15th year, you need to calculate the future value of an annuity as follows:

the future value of an annuity = investment [( 1 + interest)^number of years -1)] / interest

Substituting with the givens, you can get the future value annuity as follows:
the future value of an annuity = 3500 [(1+0.05)^15 -1)]/0.05
= 75524.97 $
The correct choice is (b)