Explain steady rate, Matt Christpher is a 25 year old

Explain steady rate

Reference no: EM13176525

Matt Christpher is a 25 year old mechanical engineering and his salary next year will be $60,000.Matt expects that his salary will increase at a steady rate of 5%per year until his retirement at age 65.if he saves 12% of his salary each year and invest these savings at an interest rate of 9% how much will he have at his retirement?

Reference no: EM13176525

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