Question

Since graduating from college years​ ago, Dr. Nick Riviera has made deposits into his retirement fund on a basis in the amount of ​$. If his retirement fund has earned ​% interest compounded ​, how much has Nick accumulated in his retirement​ account?

Answer 1

$280,971.79

Step-by-step explanation:

Calculation to determine How much has Nick accumulated in his retirement​ account

Using Financial calculator

Amount Nick accumulated in his retirement​ account = FV(rate, nper, pmt, pv, type)

Where,

Monthly deposit = $130

Number of months = 40 * 12

Number of months= 480

Monthly interest rate = 6.3% /12

Let plug in the formula

Amount Nick accumulated in his retirement​ account = FV (6.3%/12, 480, -130, 0, 0)

Amount Nick accumulated in his retirement​ account = $280,971.79

Therefore the Amount Nick accumulated in his retirement​ account is $280,971.79