The balance, in dollars, (future value) when the pension plan earns 6% compounded monthly is <u>$372,134.19</u>.
<h3>What is future value?</h3>
The future value refers to the compounded future value of an asset, for example, a pension plan, based on a growth rate of interest for a future period.
The future value can be determined with the FV formula, table, or using an online finance calculator as follows:
<h3>Data and Calculations:</h3>
N (# of periods) = 528 months (68 - 24 x 12 months)
I/Y (Interest per year) = 6%
PV (Present Value) = $0
PMT (Periodic Payment) = $144
<u>Results:</u>
FV = $372,134.19
Sum of all periodic payments = $76,032 ($144 x 528)
Total Interest = $296,102.19
Thus, the balance, in dollars, (future value) when the pension plan earns 6% compounded monthly is <u>$372,134.19</u>.
Learn more about calculating future values at brainly.com/question/24703884
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