Question

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.)

Answer 1

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

This is using the future value (FV) calculation.