What is the present worth of the first four years

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Question - An employee decided to invest in a trust fund which gives an interest rate of 2% compounded quarterly. Employee's monthly salary is $70,000 and decided to invest 10% of her salary per month in the fund for 4 years. On the 5th year, the employee got promoted and her salary was increased to P100,000. She continued to invest the same percentage of her salary to the fund for 7 more years until she retires. What is the present worth of the first four years of employee's investment in the fund?

Reference no: EM133155445

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