Mark deposits $1100 each month in a retirement plan paying 9% compounded monthly. How much will...
Question:
Mark deposits $1100 each month in a retirement plan paying 9% compounded monthly. How much will he have in the account after 22 years?
Future Value:
Future value and present value are both concepts derived from the time value of money. Future value of a current payment is the nominal value measured at a future date. The present value of a future payment is the equivalent amount measured in today's dollars.
Answer and Explanation: 1
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View this answerYou will have $600,848.454 after 22 years.
We can use the following formula to compute the future value of an annuity with periodic payment...
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How to Calculate Future Value: Formula & Example
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Chapter 5 / Lesson 16
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Understand the definition of future value and the future value formula. Explore some examples that show how to calculate the future value of an investment.
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