Your beginning salary is 30000 you deposit 10 each year in, Ask an Expert

Economics

Your beginning salary is $30,000. You deposit 10% each year in a savings account that earns 6% interest. Your salary increases by 5% per year, and inflation is 3% per year. What value does your savings account show after 40 years? What is the value in year-1 dollars? (Answer: $973,719 and $307,455).

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M92638826

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