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krek1111 [17]
3 years ago
10

You plan to retire in 30 years and you are investing $250 per month in the BMO Large-Cap Growth mutual fund. The fund has an ave

rage annual return of 13.45%. How much will you have at retirement?
Business
1 answer:
mr Goodwill [35]3 years ago
6 0

Accumulated Balance is given by :

A=P\dfrac{(1+i)^n-1}{i}\times (1+i)

Here,

n = time period = 30×12 = 360.

i=\dfrac{13.45}{100}\times \dfrac{1}{12}=0.0112

P = principal price = $250.

Putting all given values in above equation, we get :

A=250\times \dfrac{(1+0.0112)^{360}-1}{0.0112}\times (1+0.0112)\\\\A=\$1221659.48

Hence, this is the required solution.

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