Question

You are planning to make monthly deposits of $400 into a retirement account that pays 10 percent interest compounded monthly. if your first deposit will be made one month from now, how large will your retirement account be in 40 years?

Answer 1

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Answer 2

Using the future value (FV) formula,

R = .10/12

N = 12*30

P = 400

Your future value would be $904,195.17

Explanation: