You know that paying yourself (by depositing money in a savings account is a prudent start to your retirement plan. You determined that, based on your other obligations, you can save $5,875.00 per year via an annual, single year-end deposit. Let's say that you are age 30 now, so your money will grow for the next 35 years until you reach age 65. You will open a savings account at the CitiBank branch near your home. Its savings accounts are paying 6% interest Future Value of Annuity Factors Year 2%, 3%, 5%, 6%, 8% 9%, 10% 10 0.950 11.460 2.578 13.180 15.190 15.937 4.487 21.384 12 13.412 4.190 16.870 18.977 20.140 15.917 15 7.293 8.600 21.578 23.270 27.152 29.360 31.772 20 24.297 26.870 33.066 36.780 45.762 51.160 57.274 73.105 84.700 98.346 47.726 25 32.030 36.460 54.860 7.570 66.438 79.060 13.282 36.300 164.491 30 40.567 90.318 11.430 172.314 215.700 271.018 35 49.994. 60.460 40 60.40 75.400 20.797 54.760 259.052 337.870 442.580 To calculate the value of this nest Annual savings egg, enter the data provided by Years over which it will grow entering the correct value in the Interest rate applicable entry field. Interest factor
What will be the value of this money in 35 years? (Note: Round to two decimal places
You began your savings program at age 30. If you had started five years earlier, such that your funds would grow for years, what would your nest egg be worth, assuming the same interest rate and annual savings amount? (Note: Round to two decimal places