Weaver Tucker
03/23/2023 · High School

Thomas wants to retire in 20 years. He can deposit a lump sum of \( \$ 20,000 \) today into an account earning \( 6 \% \) interest compounded annually. He also plans to contribute \( \$ 1,000 \) annually for the next 20 years into the same account. What will be the future value of his retirement fund in 20 years? [3]

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After 20 years, Thomas’s retirement fund will be approximately \$100,928.

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