Register
You are planning to make monthly deposits of $370 into a retirement account that pays 9 percent interest compounded monthly. if your first deposit will be made one month from now, how large will your retirement
140k views
0 votes
You are planning to make monthly deposits of $370 into a retirement account that pays 9 percent interest compounded monthly. if your first deposit will be made one month from now, how large will your retirement account be in 35 years? (do not round intermediate calculations and round your final answer to 2 decimal places,

e.g., 32.16.)

User Saurabh Mistry
by
5.2k points

1 Answer

3 votes

In 35% years, with compounding interest, this account would be worth $1,088,460.76

This is using the future value (FV) calculation.

User Ixodid
by
4.8k points
Ask a Question
Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.

5.9m questions

7.7m answers

Other Questions

_____ reminds customers and clients that they made a good choice in selecting a company with which to do business, or it reminds them of the good qualities of their purchase.​
Demonstrate how binomial nomenclature is related to classification systems by identifying the genus name and the specific name of the domestic cat felis catus
The dark printed words on the page of a book are easily read because they are printed on a light ground. this is an example of the principle of ____________.
On august 1 the darius co. purchased a photocopy machine for $8,000. the estimated annual depreciation on the machine is $1,680. if the company prepares annual financial statements on december 31, the
When president obama was elected, the u.s. economy was in trouble, and has slid into a recession. consumer spending was low and getting worse. in an effort to stop the decline, president obama proposed
Link Copied!