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05-08-2020
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If an investor put away $3000 at age 23 rather than age 31, how much more money would he or she have at age 63, assuming a 9 percent compound rate of return?

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10-08-2020

Answer:

FV= $94,228.26

Explanation:

Giving the following information:

Present Value= $3,000

Interest rate= 9% compounded annually

Number of years= 63 - 23= 40 years

To calculate the future value, we need to use the following formula:

FV= PV*(1+i)^n

FV= 3,000*(1.09^40)

FV= $94,228.26

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