You are planning to make monthly deposits of 160 into a reti

You are planning to make monthly deposits of $160 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 25 years?

Solution

N = 300, PV = 0, rate = 10%/12, PMT = 160

use FV function in Excel

retirement amount = 212,293.34

You are planning to make monthly deposits of $160 into a retirement account that pays 10 percent interest compounded monthly. If your first deposit will be made

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