After completing her residency, an obstetrician plans to invest $9,000 per year at the end of each year into a low-risk retirement account. she expects to earn 6 percent for thirty-five years. what will her retirement account be worth at the end of those thirty-five years?

$1,002,913.05

Explanation:

Data provided in the question:

Amount invested at the end of each year = $9,000

Interest rate, i = 6% = 0.06

Time period, n = 35 years

Now,

Future value of the annuity = Annuity ×

on substituting the respective values, we get

Future value of the annuity = $9,000 ×

or

Future value of the annuity = $9,000 × 111.434783

or

Future value of the annuity = $1,002,913.05

Hence,

At the end of thirty-five years her retirement account worth will be $1,002,913.05

explanation:

the contractual interest rate is the interest the borrower must pay and the interest the lender receives, or more simply, it is the interest rate stated on a bond whereas the market interest rate is “the investors demand for loaning funds”. therefore, bonds can either be sold at a premium, face value, or discount.

answer; 33,000;