Answer:
She will not be able to reach her goal. She will make $841,355.92 and she is short by $158,644.08.
Explanation:
Monthly contribution = PMT = $300
Number of years = 30 years
Number of months = n = 30 x 12 = 360
Rate of return = r = 11% yearly = 11%/12 = 0.917% = 0.00917
Use following formula to calculate her total worth of investment after 30 years
FV = PMT x [ ( 1 + r )^n ) - 1 ] / r
FV = $300 x [ ( 1 + 0.00917 )^360 ) - 1 ] / 0.0917
FV = $300 x [ ( 1 + 0.00917 )^360 ) - 1 ] / 0.0917
FV = 841,355.92
