You are age 25, and have now settled into you first job. You desire to retire at age 60, and know that you can invest $8,750 each year. You have decided to use this as your primary retirement vehicle. At the end of the year, you invest $8,750, and $8,750 per year thereafter until age 60, and realize the average return on the stock market of 11% per year. How much do you have at age 60?

$2,988,908.60

Step-by-step explanation:

Since the payments are made at the end of the year, it is an Ordinary Annuity.

The future value of an ordinary annuity with deposits P made regularly k times each year for n years, with interest compounded k times per year at an annual rate r, is given as:

In the given case,

The stock market's average return is 11% per year. Period, k=1, r=11%, Therefore:

Therefore, the Future Value at 60 years of age

At retirement, I would have $2,988,908.60

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step-by-step explanation: