Suppose that at the end of each month you deposit $434.1 into a retirement account that...
Suppose that at the end of each month you deposit $434.1 into a retirement account that earns 9.9% APR. If your account started out at zero and you make deposits for 25 years, what will your account balance be after your last payment?
Homework Answers
Ans $ 566,259.81
| P = | Periodic payments |
| r = | rate of interest |
| n = | no of years |
| Future Value of Annuity = | P ( (1 + r)n - 1 ) / r |
| 434.1* ((1 + 9.9%/12)^300 - 1) / (9.9%/12) | |
| 566259.81 | |
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