Assuming I invest 7% of my gross wages each payday for 33 years and earn an average rate of return, what would be the value of my investment at the end of this term if I put in $66,000 total. First year annual salary was $9,672 and the 33rd year salary was $47,184.
2007-02-20 00:08:22 · 2 answers · asked by LOUIE 1 in Business & Finance ➔ Investing
I think you need a little more info in terms of what you're presuming for an average rate of return and how much your salary increases each year.
But basically, each year's contribution would be worth (1+rate)^years compounding
Sum them up to get your current balance.
If you add more info, let me know and I'll be glad to help ya out!
2007-02-26 10:56:55 · answer #1 · answered by Yada Yada Yada 7 · 1⤊ 0⤋
7% OF 9,672 FIRST YR =670.40
THEN 7%OF 2ND YR=///?
AND SO ON
2007-02-26 07:30:21 · answer #2 · answered by understress 1 · 0⤊ 0⤋