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you are planning to make monthly deposits of $140 into a retirement account that pays 13 percent interest compounded monthly. If your first deposit will be made one month from now, how large will your retirement account be in 25 years

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facundobuzzetti

Answer:

FV= $314,365.69

Explanation:

Giving the following information:

Monthly deposti= $140

Number of months= 25*12= 300

Interest rate= 0.13/12= 0.01083

To calculate the future value of the investment, we need to use the following formula:

FV= {A*[(1+i)^n-1]}/i

A= monthly deposit

FV= {140*[(1.01083^300) - 1]} / 0.01083

FV= $314,365.69

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