How much will mori have collected for his retirement

Reference no: EM131920572

Problem

Mori is planning to retire in 40 years and would like to plan for his retirement by depositing $2000 in a saving account at the local bank, earning him 3% per year compounded annually. He thinks his new job will allow him to deposit $500 at the end of the first year, and he plans to keep increasing the deposited amount by $20 every year. How much will he have collected for his retirement at the end of the 40th year?

Reference no: EM131920572

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