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Nominal rate of return with annual compounding

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When you graduate from college, you want to start saving for retirement immediately. Based on your knowledge of the amount of money you can make in your chosen career path and assuming you will be promoted on a regular basis, you estimate you will be able to put away the following amounts for retirement each year until you retire:

Years Amount Saved

1-6 $2,000
7-12 $4,000
13-20 $8,000
21-30 $16,000
31-40 $32,000

If you invest your savings and earn an 8.40% nominal rate of return with annual compounding, how much money will you have in your retirement fund at the time you retire?

Reference no: EM131099181

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