Calculate the following:
An employee works at the local hamburger restaurant for 40 years and never earns more than minimum wage, which is $12,000 a year. However, this employee is able to save 6%, or $720, per year. Over the 40-year period, the employee's investments average 8% interest per year.
1. How much will the employee have in his or her retirement account at the end of the 40 years?
2. What are your thoughts regarding this sum?© BrainMass Inc. brainmass.com June 4, 2020, 12:53 am ad1c9bdddf
See the attached file.
I did it both ways....old fashion math and the fv ...
This uses both the tables (old fashion math) and Excel formulas so you can see both used.