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Today is your 20th birthday, and your parents just gave you $5000 that you plan to use to open a stock brokerage account.

You plan to add $500 to the account each year on your birthday. Your first $500 contribution will come one year from now on your 21st birthday. Your 45th and final $500 contribution will occur on your 65th birthday.

You plan to withdraw $5000 from the account five years from now on your 25th birthday to take a trip to Europe.

You also anticipate that you will need to withdraw $10000 from the account 10 years from now on your 30th birthday to take a trip to Asia. You expect that the account will have an average annual return of 12%.

How much money do you anticipate that you will have in the account on your 65th birthday, following your final contribution?

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Financial Management, Finance

Category:- Financial Management
Reference No.:- M92866896

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