1. Business
  2. Finance
  3. your would like to start saving from now until you...

Question: your would like to start saving from now until you...

Question details

Your would like to start saving from now until you retired after 60 years old. You are currently 20 years old and working full time for retail company. For the end of next 10 years, you intend to open a deposit account with interest rate of 5% and annual deposit amount of $7,000. Then, you would renew it with the new interest rate of 7%. Due to the higher rate, you also deposit more, changing to $10,000 per year. How much will you receive when you are 60 years old?

Solution by an expert tutor
Blurred Solution
This question has been solved
Subscribe to see this solution