You are planning to make monthly deposits of $480 into a retirement account that pays 8 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? help
Your account will have a total of =$456,492.67 in 25 years from now. This is the formula you use to calculate this: FV=P{[1 + R]^N - 1/ R}=FV OF $1 PER PERIOD, Where R=Interest rate per period, N=number of periods, P=periodic payment, FV=Future value.
