Question

how much money will be in Taylor's retirement count if she continues to make the same monthly investment for 20 years

Answer 1

`\begin{gathered} P=\text{ \$}1,055,\text{ an}nuity \\ i=5.25\text{ \% monthly= 0.0525} \\ t=20\text{ years, but 1 year has 12 months} \\ \text{hence} \\ t=20\cdot12 \\ t=240\text{ months} \\ F=? \\ F=P(((1+i)^t-1)/(i)) \\ \\ F=1,055(((1+0.0525)^(240)-1)/(0.0525)) \\ \\ F=4,329,086,087 \\ She\text{ will have \$ }4,329,086,087 \\ \end{gathered}`