hamichrit883 hamichrit883

06-03-2020
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You are planning to make monthly deposits of $458 into a retirement account that pays 6.3 percent interest compounded monthly. If your first deposit will be made one month from now, how large will your retirement account be in 31 years

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anthonynguyen3006 anthonynguyen3006

10-03-2020

Answer:

$521,444

Explanation:

PMT (Monthly deposit) = $458

i/r = 6.3% / year = 0.525% / month (Since the interest is compounded monthly, the interest should be calculated in monthly)

n = 31 years = 372 months. Since the first deposit will be made one month from now, n = 371 should be input into financial calculator.

PV (Present Value) = 0

FV = $521,444

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