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You are to make monthly deposits of $475 into a retirement account that pays an APR of 10.8 percent compounded monthly.

 

If your first deposit will be made one month from now, how large will your retirement account be in 33 years?

 Jun 15, 2020
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P=475;   R=0.108/12;  N=33*12;    FV=P*((1 + R)^N - 1)/ R;print"FV = $",FV

 

FV = $ 1,781,026.28

 Jun 15, 2020

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