You are planning to make monthly deposits of $150 into a retirement account that pays 14 percent interest compounded monthly. If your first deposit will be made one month from now, your retirement account will be worth $___in 15 years
Rate = 14% / 12 = 1.16667%
Number of periods = 15 * 12 = 180
Future value = Annuity * [(1 + r)n - 1] / r
Future value = 150 * [(1 + 0.0116667)180 - 1] / 0.0116667
Future value = 150 * 605.788643
Future value = $90,867.94
You are planning to make monthly deposits of $150 into a retirement account that pays 14...
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