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You are planning to make monthly deposits of $458 into a retirement account that pays 6.3 percent interest compounded monthly. If your first deposit will be made one month from now, how large will your retirement account be in 31 years

Respuesta :

Answer:

$521,444

Explanation:

PMT (Monthly deposit) = $458

i/r = 6.3% / year = 0.525% / month (Since the interest is compounded monthly, the interest should be calculated in monthly)

n = 31 years = 372 months. Since the first deposit will be made one month from now, n = 371 should be input into financial calculator.

PV (Present Value) = 0

FV = $521,444

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