Brittany’s employer will match her contributions into her retirement plan, but only up to 3% of her salary. Brittany decides to invest 8% of her $60,000 salary into the retirement plan. Find the future value of the annuity in 8 years if it earns 10% compounded semiannually

$134,137.98

Explanation:

Salary : $60,000

In the question we are told that Brittany's employer is will match her contributions by investing 3% of her salary into her retirement plan

Brittany is investing 6% of her salary into her retirements plan.

Therefore,

Periodic payment :

(3% of her salary + 6% of her salary)

(3% × $60,000) + (6% × $60,000)

= $1,800 + $3,600

Periodic payment = $5,400

Interest rate : Compounded 10% = 0.1

Number of years: 8 years

Number of periods : semi annually = 6 months i.e payments was paid into her retirement savings every 6 months for 8 years. This indicates that payments was made 16 times

Future Annuity Due Formula =

P[((1+r)ⁿ-1) (1+ r) ÷ r]

$5,400[((1+0.1)^16 -1) × (1+0.1) ÷ 0.1]

= $134,137.98

Future Value of Annuity = $134,137.98

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