Answer to Question #243388 in Economics of Enterprise for Bam

Question

Start saving for retirement immediately! Even a modest amount will add up in a hurry. Jay decides to

follow this advice and puts away 1% of his annual salary of Php 500,000 per year. This equates to

Php 5,000 on his 21st birthday, and his salary will increase by 2% (on average) every year thereafter

until Jay turns 60 years old. What is the worth of Jay’s account at age 60 when the annual interest

rate on Jay’s account is 4% per year?

Answer 1

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