Upon His Employment at the Age of 22, Robert Began

question 17

Short Answer

Upon his employment at the age of 22, Robert began to make a series of equal year- end deposits of $1100 to his retirement fund. After working for 5 years, he is now able to increase his saving. He plans to increase his annual deposits to $2200, starting at the end of next year , and continue his equal deposits of $7400 each year until the age of 60. He expects to retire at the age of 65. How much would his retirement fund be worth at the time of his retirement if it earns a rate of return of 10% per year?

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Definitions:

Drive

An innate, biologically determined urge to attain a goal or satisfy a need.

Goal

An objective or desired result that an individual or organization aims to achieve, often driving motivation and effort.

Need

A state of biological or social deficiency.

Pencil Chewing

A common habit where individuals bite or chew on pencils, often related to stress, concentration, or habit.