You are planning to make monthly deposits of $400 into a retirement account that pays 10 percent interest compounded monthly. if your first deposit will be made one month from now, how large will your retirement account be in 30 years?
You are planning to make monthly deposits of $400 into a retirement account that pays 10 percent interest compounded monthly. if your first deposit will be made one month from now, how large will your retirement account be in 30 years?
The compter a 5 your upbringing cost from is margial of how
Using the future value (FV) formula,
R = .10/12
N = 12*30
P = 400
Your future value would be $904,195.17
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