you are to make monthly deposits of $525 into a retirement account that pays 11.0 percent interest compounded monthly.
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You are to make monthly deposits of $400 into a retirement account that pays 10.5 percent interest compounded monthly |
| Year | Year Deposits | Year Interest | Total Deposits | Total Interest | Balance |
| 30 | $6,300.00 | $155,258.60 | $189,525.00 | $1,310,366.36 | $1,499,891.36 |
| Situation 1 | |
| Monthly Deposit | 525 |
| Interest Rate | 11% |
| Monthly Interest rate | 0.92% |
| Number of years | 30 |
| Number of Months | 360 |
| FVAF (0.92%, 360 Periods) | 2,804.52 |
| Future Value | $1,472,372.86 |
| (Value in the fund after retirement ) | |
| Situation 2 | |
| Monthly Deposit | 400 |
| Interest Rate | 10.50% |
| Monthly Interest rate | 0.88% |
| Number of years | 30 |
| Number of Months | 360 |
| FVAF (0.92%, 360 Periods) | 2,516.40 |
| Future Value | $1,006,560.40 |
| (Value in the fund after retirement ) |
you are to make monthly deposits of $525 into a retirement account that pays 11.0 percent...
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