Your job pays you only once a year for all the work you did over the previous 12 months. Today, December 31, you received your salary of $52,000 and you plan to spend all of it. However, you want to start saving for retirement beginning next year. You have decided that one year from today you will begin depositing 10 percent of your annual salary in an account that will earn 9.2 percent per year. Your salary will increase at 3 percent per year throughout your career. How much money will you have on the date of your retirement 40 years from today?
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “Your job pays you only once a year for all the work you did over the previous 12 months. Today, December 31, you received your salary of ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers
You Might be Interested in
An individual involved in the communication process
Answers (1)
The least effective method for comparing financial statement information between companies is: a. to perform ratio analysis. b. to perform horizontal analysis. c. to study the statement of cash flows. d.
Answers (1)
Sharon owns 79 percent of ABC, Inc. (an S corporation) and would like to terminate its S corporation status. Jason, who is a 5-percent owner, does not want to terminate the S corporation status.
Answers (2)
Christian spends a significant amount of his time at work performing tasks such as distributing work among his subordinates and arranging their shifts and tasks to be performed. This relates most closely to which managerial function?
Answers (1)
The net present value of a customer's business over the span of their relationship with an organization is referred to as lifetime value. a) relationship selling. b) sales 2.0. c) market value. d) equalized value."
Answers (1)
New Questions in Business
Rules of Debit and CreditThe following table summarizes the rules of debit and credit. Indicate whether the proper answer is a debit or a credit.
Answers (1)
Around which latitude (s) would you expect to find rainforests, and why? (you may enter up to 150 characters.)
Answers (1)
An investor would like to invest $60,000 in two stocks from a list of six suggested by a broker. how many investments are possible if the investor wants to invest $50,000 in one stock and the rest in another
Answers (1)
Hubbard Kennel uses tenant-days as its measure of activity; an animal housed in the kennel for one day is counted as one tenant-day. During January, the kennel budgeted for 2,100 tenant-days, but its actual level of activity was 2,060 tenant-days.
Answers (1)
Explain how to determine gross profit on an income statement by selecting the correct statement below. Cost of goods sold is added to net sales. Cost of goods sold is added to sales discounts. Sales is subtracted from cost of goods sold.
Answers (1)