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Suppose you put $800 per month into a Roth IRA, that pays 8% APR (compounded monthly). Assume you have nothing saved today, calculate the future value of the retirement account 30 years from today. (Enter a positive value and round to 2 decimals)

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  1. Today, 08:43
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    Future Value = $1,192,287.56

    Explanation:

    The future value is the expected total sum that an investment is suppose to accumulate together with interest over a period of time at a particular interest rate.

    Where compounding is done done monthly, he future value is determined as follows:

    FV = PV * ((1+r) ^n - 1) / r

    FV - Future Value, PV - present value r - monthly rate of interest, n - number of months

    FV - ?

    r - 8%/12 = 0.66%

    n - 30 * 12 =

    PV - 800

    FV = 800 * ((1.00666) ^ (360) - 1) / 00666

    = 800 * 1490.359449

    = $1,192,287.56
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