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QUESTION
We will assume that we have $8,000 in an IRA. We will earn 8% of the investments in our IRA. We plan to retire in 30, 35, or 40 years. What is the
We will assume that we have $8,000 in an IRA. We will earn 8% of the investments in our IRA. We plan to retire in 30, 35, or 40 years. What is the future value of $8,000 in 30, 35, and 40 years?
FV = PV (1+r)^30
= $8,000 (1 + 0.08)^30
= $8,000 (1.08)^30
= $8,000 x 10.063
= $80,504
What is the future value in 35 and 40 years?
