financial planning problem Determining the future value of education. Jenny esti

Question

financial planning problem Determining the future value of education. Jenny estimatesthat as a result of completing her master's degree, she will earn$6,000 a year for the next 40 years. What would be the future value of these additional earningsbased on an annual interest rate of 6%? financial planning problem Determining the future value of education. Jenny estimatesthat as a result of completing her master's degree, she will earn$6,000 a year for the next 40 years. What would be the future value of these additional earningsbased on an annual interest rate of 6%?

Explanation / Answer

40 years

40 years

(OR)

(OR)

Annual Interest rate 6% Annual earnings $6,000 Number of years

40 years

CalculatingFuture Value of earnings (FV) (UsingMs-Excel "FV" Function): Annual Interest rate(Rate) 6% Number of Periods(Nper)

40 years

Annual Earnings Amount(PMT) -$6,000 FutureValue of earnings (FV) $928,571.79

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