Question

You are planning to make monthly deposits of $500 into a retirement account that pays 6 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

$995,745

Step-by-step explanation:

PV = $0

PMT = $500

I/YR = 6

P/YR = 12

N = 40 x 12 = 480

your retirement account be in 40 years will be $995,745