Francine currently has $65,000 in her 401k account at work and plans to contribute $6,000 each year for the next 10 years. How much will she have in the account in 10 years if the account averages a 6% annual return?
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Step 1
Calculate the future value of the current balance of S65,000 after 10 years at a 6% annual return using the formula: FV = PV x (1 + r)^n, where FV is the future value, PV is the present value, r is the annual interest rate, and n is the number of years. FV = Show more…
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