You are to make monthly deposits of $700 into a retirement account that pays an APR of 10.2 percent compounded monthly. If your
first deposit will be made one month from now, how large will your retirement account be in 32 years
1 answer:
Answer:
$20,41,995.21
Explanation:
The calculation of retirement account value is given below:-
Monthly deposit 700 pmt
Interest rate 0.102
years 32
Compounding per year 12
Monthly interest rate 0.0085 rate
Number of periods 384 nper
The formula is shown below
=FV(rate,nper,pmt,pv)
After applying the formula the Retirement account value is $20,41,995.21
and for better calculation please find the attachment.
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