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
5.4k 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
5.2k points
Ask a Question
Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.

6.2m questions

8.1m answers

Other Questions

Why do objects used as money need to be in limited supply
When a producer owns an intermediary at the next level down in the marketing channel, it is referred to as _________. a. forward integration b. backward integration c. vertical channel connection d. horizontal
Describe a time when you or someone you know chose not to conform to the behavior of others. Why do you think this person chose not to conform
An owner decides to sell his property and discovers that there is a lien on his title for a swimming pool he paid off 10 years ago. the pool company is out of business. what is the owner to do?
Your grandfather invested $1,000 in a stock 36 years ago. currently the value of his account is $318,000. what is his geometric return over this period?
Link Copied!