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Juan plans to retire in 30 years. To do this he plans to deposit $500 a...

Juan plans to retire in 30 years. To do this he plans to deposit $500 a month into a retirement account earning a 7% return. What is the value of his account in 30 years known as - present value, future value, something else? The fact that Juan is earning interest on top of interest is known as what?

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Answer #1

Future value Px[(1+r)^n-1]=r Here, A Interest rate per annum B Number of years C Number of payments per per annum A:C Interes

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