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Johan recently received his annual performance bonus from his employer. He has set up an investment ...

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Johan recently received his annual performance bonus from his employer. He has set up an investment ...

Johan recently received his annual performance bonus from his employer. He has set up an investment savings plan to which he will contribute $2000 each year from his bonus and $400 per month from his regular salary. Johan will make his initial contributions of $2000 and $400 today. Rounded to the nearest dollar:

a) What will the plan be worth after 25 years if it earns 7.5% compounded monthly?
b) How much did Johan's contributions earn during the 25 years?

Textbook

Business Mathematics in Canada

Edition: 11^th

Authors: Jerome, Worswick

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More solutions for this book are available here

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gyoku2302 Author

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10 months ago

I appreciate what you did here, answered it right Smiling Face with Open Mouth

Marcie D

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Smart ... Thanks!

jmendoza

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this is exactly what I needed

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