You have decided to invest $500 in a mutual fund today and make $500 end-of-the-year investments in the fund each year until you retire for 40 years
Assuming an opportunity cost of 12%, what do you estimate that you will have in this account at retirement?
Answer:
Calculator steps:
-500 PV
-500 PMT
40 N
12 I/yr or I
FV = $430,071
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