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How much money will you have in savings

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Reference no: EM133020959

Question - As a part of your savings plan at work, you have been depositing Kes 250 per quarter in a savings account earning 8% interest compounded quarterly for the last ten years. You will retire in 15 years and want to increase your contribution each year from Kes1,000 to Kes 2,000 per year, by increasing your contribution every three months from Kes 250 to Kes 500, which will continue to earn 8% APR compounded quarterly. Additionally, you have just inherited Kes10,000, which you plan to invest now to earn interest at 12% compounded annually for the next 15 years. How much money will you have in savings when you retire 15 years from now?

Reference no: EM133020959

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