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?

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

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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