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27 February, 15:37

You are planning to make monthly deposits of $400 into a retirement account that pays 10 percent interest compounded monthly. if your first deposit will be made one month from now, how large will your retirement account be in 30 years?

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  1. 27 February, 16:50
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    Using the future value (FV) formula,

    R =.10/12

    N = 12*30

    P = 400

    Your future value would be $904,195.17
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