You are to make monthly deposits of $875 into a retirement account that pays an APR of 9.5 percent compounded monthly. If your first deposit will be made one month from now, how large will your retirement account be in 34 years?
You are to make monthly deposits of $875 into a retirement account that pays an APR of 9.5 percent compounded monthly. If your first deposit will be made one month from now, how large will your retirement account be in 34 years?
Chapter5: The Time Value Of Money
Section: Chapter Questions
Problem 24P
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You are to make monthly deposits of $875 into a retirement account that pays an APR of 9.5 percent compounded monthly. |
If your first deposit will be made one month from now, how large will your retirement account be in 34 years? |
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