You are planning to make monthly deposits of 420 into a reti

You are planning to make monthly deposits of $420 into a retirement account that pays 8 percent interest compounded monthly. If your first deposit will be made one month from now, how large will your retirement account be in 25 years?

Future value:

Solution

N = 300, PMT = 420, rate = 8%/12, PV = 0

use FV function in Excel

future value = 399,431.09