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What will your total sum of money be ten years from now

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Question - Your son is going to college in 10 years, and you want to have a certain savings by then. You figure you can save $35,000 a year for the first 5 years and $50,000 a year for the next 5 years. You plan to start these savings one year from now. In addition, you have just been given a bonus in the amount of $50,000 at work. If you put that bonus into an investment account now, and your future savings when they start into an account which pays 8% compounded annually, what will your total sum of money be 10 years from now?

Reference no: EM132918333

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