Jolene set up a retirement account. She arranged to have $350 taken out of each of her monthly checks; the account will earn 2.1
1 answer:
Answer:
$152,419.36
Step-by-step explanation:
The future value of an ordinary annuity is given by the formula ...
FV = P((1 +r/12)^(12t) -1)/(r/12)
where P is the monthly payment, r is the annual interest rate, and t is the number of years.
<h3>Annuity value</h3>For P = 350, r = 0.021, and t = 27 (years to retirement age), the value is ...
FV = 350((1 +0.021/12)^324 -1)/(0.021/12) ≈ $152,419.36
The value of Jolene's retirement account when she turns 60 will be $152,419.36.
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