How much money did eugene have for retirement

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Reference no: EM131970980

Question: Eugene began to save for his retirement at age 32, and for 12 years he put $ 200 per month into an ordinary annuity at an annual interest rate of 7% compounded monthly. After the 12 years, Eugene was unable to make the monthly contribution of $ 200, so he moved the money from the annuity into another account that earned 11% interest compounded monthly. He left the money in this account for 21 years until he was ready to retire. How much money did he have for retirement?

Reference no: EM131970980

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