Calculator Problem – 07/04/2011

You are currently 62 and can start collecting a pension of $1228 a month.  If you can earn 7% on your money, how much will you have when you turn 80?

(The answer will be posted with the new calculator problem in 2 weeks.  Or if you can’t wait that long, you can go to http://www.facebook.com/pages/Gary-Johnston-Seminars/111368472221424 for the answer.)

Answer to 06/20/2011 problem:

(N=48,I=13,PV=8000,FV=0) PMT= -214.62
(N=48,PV= -3000,PMT=214.62,FV=0)  I=82.29%