Planning to make an additional investment

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Reference no: EM131571877

Mr. Smith is planning to make an additional investment at the end of each year for his retirement in 20 years. Mr. Smith plans to invest $5,000 each year for the first 5 years, $8,000 each year for the next 5 years, and $ 12,000 each year for the remaining 10 years. If the rate of return of 9 percent can be earned in these investments, how much money will Mr. Smith have at the end of 20 years?

Reference no: EM131571877

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