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You are to make monthly deposits of $700 into a retirement account that pays an APR of 10.2 percent compounded monthly. If your first deposit will be made one month from now, how large will your retirement account be in 32 years

Respuesta :

Answer:

$20,41,995.21  

Explanation:

The calculation of retirement account value is given below:-

Monthly deposit              700   pmt

Interest rate                     0.102

years                                  32

Compounding per year    12

Monthly interest rate         0.0085  rate

Number of periods            384  nper

The formula is shown below

=FV(rate,nper,pmt,pv)

After applying the formula the Retirement account value  is $20,41,995.21

and for better calculation please find the attachment.

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