Saving for your retirement

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Reference no: EM13848245

You are saving for your retirement. You have decided that starting today you will deposit 5 percent of your annual salary in an account which will earn 10 percent per year. Your salary today is $70,000, and it is expected to increase at 4 percent per year throughout your career. How much money will you have for your retirement, which will begin in 30 years? Remember you first deposit begins today and the last deposit is in Year 30 (i.e. 31 deposits). (Show using a financial calculator)

Reference no: EM13848245

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