joe is years old and has a steady job where he makes a year with a annual raise. he commits himself to spending only of his income each year and investing the other . he puts that investment in a balanced portfolio that earns an average of a year.

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19-12-2022
Mathematics

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joe is years old and has a steady job where he makes a year with a annual raise. he commits himself to spending only of his income each year and investing the other . he puts that investment in a balanced portfolio that earns an average of a year.

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kumarravichandra kumarravichandra · Answer 1 · 2022-12-26T00:33:12-05:00

Joe will be able to save and invest a total of $7200 per year. Assuming he continues to invest the same amount each year with an average return of 8%, after 10 years he would have saved and invested a total of $72,000. With an 8% return, Joe would have accumulated a total of $97,764.

To calculate Joe's total savings and investments after 10 years, we must first calculate the amount he will save and invest each year. Joe earns $50,000 annually and commits to spending only 80% of his income, leaving him with an annual savings of $10,000. Joe invests the remaining 20% of his income, which is $10,000, each year. With an average return of 8%, Joe will have saved and invested a total of $72,000 after 10 years. With an 8% return, this amount will have grown to $97,764.

Annual Savings = $50,000 x 0.8 = $40,000

Annual Investment = $50,000 x 0.2 = $10,000

Total Savings & Investments after 10 years = $10,000 x 10 years = $72,000

Total Return after 10 years = $72,000 x 1.08 = $97,764

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