The amount in the retirement account in 25 years is $456,492.67.
Estimating the amount:
Since the $390 monthly deposit, Here, the interest rate is 8% each month. Furthermore, the duration is 25 years.
Here, we've used the formula for the annuity's future value.
[tex]FVA = C[\frac{[(1 + r)^{t-1}]}{r} ][/tex]
[tex]FVA = 390[\frac{[(1 + (\frac{0.08}{12} ))^{(25 \;*\;12)-1}]}{\frac{0.08}{12}} ][/tex]
[tex]FVA = 390[\frac{[(1 + (\frac{0.08}{12} ))^{300-1}]}{\frac{0.08}{12}} ][/tex]
FVA = $456,492.67
Thus, The amount in the retirement account in 25 years is $456,492.67.
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