Question

The amount of money that Tom had in his pension fund n 2016 was E55 000. Dis plans involve him putting $8 200 in his fund every year for the next 15 years. How much will Tom have in the pension fund in 2031?

Answer 1

$178,000

Check my explanation for further details

Explanation:

$8200 in his pension fund for 15 years

=8200×15

=$123,000

By 2031

Tom will have a total of $55 000+$123,000

=$178,000

If by saying E55,000 you mean 55,000 Euro

Then,

$62,174.99=E55000

$62,174.99+$123,000

=$185,174.99