Lux Investing
Looking ahead to retirement, you sign up for automatic savings in a fixed-income 401K plan that pays 6%?
per year compounded annually. You plan to invest $3500 at the end of each year for the next 20 years. How much will your account have in it at the end of 20 years? $130,520 $127,207 $128,750 $130,048
Public Comments
- Take the starting amount, add 6% and an additional $3500. Repeat for 20 years: Amount, Interest (6%) $3,500.00, $210.00 $7,210.00, $432.60 $11,142.60, $668.56 $15,311.16, $918.67 $19,729.83, $1,183.79 $24,413.62, $1,464.82 $29,378.44, $1,762.71 $34,641.15, $2,078.47 $40,219.62, $2,413.18 $46,132.80, $2,767.97 $52,400.77, $3,144.05 $59,044.82, $3,542.69 $66,087.51, $3,965.25 $73,552.76, $4,413.17 $81,465.93, $4,887.96 $89,853.89, $5,391.23 $98,745.12, $5,924.71 $108,169.83, $6,490.19 $118,160.02, $7,089.60 $128,749.62 The closest answer is $128,750
