At age 25, to save for retirement, you decide to deposit $250 at the end of each month into an IRA that pays 8.1% compounded monthly.  How much would you have in the IRA when you retire at age 60?

Financial Accounting Intro Concepts Meth/Uses
14th Edition
ISBN:9781285595047
Author:Weil
Publisher:Weil
ChapterA: Appendix - Time Value Of Cash Flows: Compound Interest Concepts And Applications
Section: Chapter Questions
Problem 13E
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At age 25, to save for retirement, you decide to deposit $250 at the end of each month into an IRA that pays 8.1% compounded monthly. 

How much would you have in the IRA when you retire at age 60?  

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