Sam is planning his retirement and needs your help. He is, starting today, depositing $ 144 per month?

Posted By On 09 Mar 2010. Under Retirement Planning  Tags: , ,   

Sam is planning his retirement and needs your help. He is, starting today, depositing $ 144 per month into a retirement fund that pays 7.9 % interest, compounded monthly. He will retire 38 years from now. What is the future value of this ordinary annuity? please explain

Sam will make 65,664 dollars and the intrest will be 11,376 dollars giving him about 75,000 Dollars when he retires.

One Response to “Sam is planning his retirement and needs your help. He is, starting today, depositing $ 144 per month?”

  1. politicsjmc says:
    March 9, 2010 at 12:42 pm

    Sam will make 65,664 dollars and the intrest will be 11,376 dollars giving him about 75,000 Dollars when he retires.
    References :
    http://www.math.com/students/calculators/source/basic.htm

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