Reference no: EM132666278
Your aunt Maria is planning for retirement in 12 years. She currently has a portfolio made up of $50,000 in a money market savings account and $125,000 in a mutual fund. She receives an annual bonus from her current employer that she plans to deposit in the savings account at the end of each year for the next 12 years. The annual rates of return for the savings account and mutual fund, and the annual amount deposited in the savings account appear in the following table.
The annual rate of return on savings account 4.00 percent
The annual rate of return on mutual fund 7.50 percent
The end-of-year savings deposit for years 1 - 6 $2,500
The end-of-year savings deposit for years 7 - 12 $5,000
Compute the total amount of money in Aunt Maria's portfolio when she retires at the end of 12 years. To accomplish this, you must show the following values:
1. The future value of the initial savings balance.
2. The future value of the initial mutual fund balance.
3. The future value of the annual deposits to the savings account over the 12-year horizon.
4. The total future value of the portfolio
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