Question

Gina deposits $285 each month in a retirement plan with an ARP of 8.95% compounded monthly. How much will she have after 25 years?

Answer 1

$8,451.39

Explanation:

$285 x 25 = 7,125

8.95% of 285 = 25.5 x 25

637.5 + 7, 125

= $7,762.5