# You are to make monthly deposits of $500 into a retirement account that pays 10.3% interest...

## Question:

You are to make monthly deposits of $500 into a retirement account that pays 10.3% interest compounded monthly.

If your first deposit will be made one month from now, how large will your retirement account be in 35 years?

## Retirement Account:

Retirement accounts are set up to save for retirement, or more specifically, spending during retirement. Contributions to registered retirement accounts are generally exempt from income tax during the contribution period.

## Answer and Explanation: 1

Become a Study.com member to unlock this answer! Create your account

View this answerWe can use the following formula to compute the future value of an annuity with periodic payment {eq}M {/eq} for {eq}T{/eq} periods, given periodic...

See full answer below.

#### Ask a question

Our experts can answer your tough homework and study questions.

Ask a question Ask a question#### Search Answers

#### Learn more about this topic:

from

Chapter 21 / Lesson 15An annuity is a type of savings account that pays back the investor in the future. Learn the formula used to calculate an annuity's value, and understand the importance of labeling specific numbers to calculate an output over time.

#### Related to this Question

- You are to make monthly deposits of $625 into a retirement account that pays 11.4% interest compounded monthly. If your first deposit will be made one month from now, how large will your retirement ac
- You are to make monthly deposits of $475 into a retirement account that pays 10.8 percent interest compounded monthly. If your first deposit will be made one month from now, how large will your retire
- You are to make monthly deposits of $550 into a retirement account that pays 11.1 percent interest compounded monthly. If your first deposit will be made one month from now, how large will your retire
- You are to make monthly deposits of $500 into a retirement account that pays 10.9 percent interest compounded monthly. If your first deposit will be made one month from now, how large will your retire
- You plan to make monthly deposits of $500 into a retirement account that pays 12% interest compounded monthly. If your first deposit will be made one month from now, how large will your retirement acc
- You are planning to make monthly deposits of $500 into a retirement account that pays 9% interest, compounded monthly. If your first deposit will be made one month from now, how large will your retire
- You are planning to make monthly deposits of $400 into a retirement account that pays 10% interest compounded monthly. If your first deposit will be made one month from now, how large will your retire
- You are planning to make monthly deposits of $190 into a retirement account that pays 10% interest compounded monthly. If your first deposit will be made one month from now, how large will your retire
- You are to make monthly deposits of $500 into a retirement account that pays 10.3 percent interest compounded monthly. If your first deposit will be made one month from now, how large will your retir
- You are to make monthly deposits of $750 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 retirem
- You are to make monthly deposits of $525 into a retirement account that pays an APR of 11 percent compounded monthly. If your first deposit will be made one month from now, how large will your retirem
- You are planning to make monthly deposits of $390 into a retirement account that pays 8% interest compounded monthly. If your first deposit will be made one month from now, how large will your retirem
- You are planning to make monthly deposits of $410 into a retirement account that pays 9% interest compounded monthly. If your first deposit will be made one month from now, how large will your retirem
- You are to make monthly deposits of $775 into a retirement account that pays 9.9 percent interest compounded monthly. Required: If your first deposit will be made one month from now, how large will yo
- You are planning to make monthly deposits of $70 into a retirement account that pays 14 percent interest compounded monthly. If your first deposit will be made one month from now, how large will your
- You are planning to make monthly deposits of $470 into a retirement account that pays 9 percent interest compounded monthly. If your first deposit will be made one month from now, how large will your
- You are planning to make monthly deposits of $310 into a retirement account that pays 9 percent interest compounded monthly. If your first deposit will be made one month from now, how large will your
- You are planning to make monthly deposits of $500 into a retirement account that pays 9 percent interest compounded monthly. If your first deposit will be made one month from now, how large will your
- You are planning to make monthly deposits of $430 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
- You are planning to make monthly deposits of $450 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 you
- You are planning to make monthly deposits of $490 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
- You are planning to make monthly deposits of $350 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
- Starting next month, if you make monthly deposits of $350 into a retirement account that earns 3.5% interest compounded monthly, how large will your retirement account be in 35 years?
- 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
- You are planning to make monthly deposits of $440 into a retirement account that pays 9 percent interest compounded monthly. If your first deposit will be made one month from now, how large will your
- You are planning to make monthly deposits of $330 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
- You are planning to make monthly deposits of $340 into a retirement account that pays 9 percent interest compounded monthly. If your first deposit will be made one month from now, how large will your
- You are planning to make monthly deposits of $450 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
- You are to make monthly deposits of $425 into a retirement account that pays 10.6 percent interest compounded monthly. Required: If your first deposit will be made one month from now, how large will y
- You are to make monthly deposits of $675 into a retirement account that pays 10.3 percent interest compounded monthly. Required: If your first deposit will be made one month from now, how large will y
- Starting next month, if you make monthly deposits of $500 into a retirement account that earns 4% interest compounded monthly, how large will your retirement account be in 40 years?
- You are to make monthly deposits of $735 into a retirement account that pays an APR of 10.1 percent compounded monthly. If your first deposit will be made one month from now, how large will your retir
- You are planning to make monthly deposits of $120 into a retirement account that pays 11 percent annual interest compounded monthly. If your first deposit will be made one month from now, how large wi
- Starting next month, if you make monthly deposits of $593 into a retirement account that earns 3% interest compounded monthly, how large will your retirement account be in 38 years?
- You are planning to make monthly deposits of $458 into a retirement account that pays 6.3% interest compounded monthly. If your first deposit will be made one month from now, how large will your retir
- Evans is to make monthly deposits of $500 into a retirement account that pays an APR of 10.9% compounded monthly. If his first deposit will be made one month from now, how large will his retirement ac
- You are planning to make annual deposits of $4,560 into a retirement account that pays 10 percent interest compounded monthly. How large will your account balance be in 30 years? What is FVA?
- You are planning to make annual deposits of $6,450 into a retirement account that pays 9 percent interest compounded monthly. How large will your account balance be in 29 years?
- You make $9,600 annual deposits into a retirement account that pays 9.8 percent interest compounded monthly. How large will your account balance be in 31 years?
- You make $7,200 annual deposits into a retirement account that pays 11.3 percent interest compounded monthly. How large will your account balance be in 33 years?
- You are planning to make annual deposits of $5,850 into a retirement account that pays 8% interest compounded monthly. How large will your account balance be in 25 years? (Do not round intermediate ca
- You are planning to make annual deposits of $6,810 into a retirement account that pays 9 percent interest compounded monthly. How large will your account balance be in 29 years? (Do not round intermed
- Mark deposits $1100 each month in a retirement plan paying 9% compounded monthly. How much will he have in the account after 22 years?
- Mark deposits $1200 each month in a retirement plan paying 12% compounded monthly. How much will he have in the account after 10 years?
- You make $6,300 annual deposits into a retirement account that pays 11% interest compounded monthly. How large will your account balance be in 30 years?
- You make $9,300 annual deposits into a retirement account that pays an APR of 9.9 percent compounded monthly. How large will your account balance be in 30 years?
- You make $8,400 annual deposits into a retirement account that pays an APR of 10.2 percent compounded monthly. How large will your account balance be in 32 years?
- You deposit $400 each month into an account earning 6% interest compounded monthly. How much will you have in the account in 25 years?
- How much will accumulate in an account with an initial deposit of $250 if it earns 8% interest compounded monthly for 6 years?
- You are planning to make annual deposits of $4,560 into a retirement account that pays 10% interest compounded monthly. How large will your account balance be in 30 years? (Do not round intermediate c
- You make $7, 500 annual deposits into a retirement account that pays 11.4 percent interest compounded monthly. Required: How large will your account balance be in 34 years?
- You make $8,700 annual deposits into a retirement account that pays 10.1 percent interest compounded monthly. Required: How large will your account balance be in 33 years?
- Approximately how much should be accumulated by the beginning of retirement to provide a $2,500 monthly check that will last for 25 years, during which time the fund will earn 6% interest with monthly compounding? a. $361,526.14 b. $388,017.16 c. $402,
- You deposit $750 each month into an account earning 0.8% interest compounded quarterly. How much will you have in the account in 5 years?
- 1. You make $6,000 annual deposits into a retirement account that pays an APR of 10.9 percent compounded monthly. How large will your account balance be in 34 years? (Do not round intermediate calcula
- You deposit $50 each month into an account earning 2.2% interest compounded annually. How much will you have in the account in 10 years?
- If you deposit $1,067 per month into a savings account that pays an annual rate of 4.7 percent, compounded monthly, how much will you have in the account after 31 years?
- You make $9,000 annual deposits into a retirement account that pays 10 percent interest compounded monthly. How large will your account balance be in 34 years?
- You make $7,500 annual deposits into a retirement account that pays 11.4 percent interest compounded monthly. a. How large will your account balance be in 34 years?
- If you deposit $650 in an account earning 7% interest compounded monthly, how much will you have in your account in 5 years?
- If you deposit $650 in an account earning 7% interest compounded monthly, how much will you have in your account in 10 years?
- If you deposit $650 in an account earning 7% interest compounded monthly, how much will you have in your account in 15 years?
- You deposit $1,400 in an account earning 4% interest compounded monthly. How much will you have in the account in 5 years?
- You deposit $1,400 in an account earning 4% interest compounded monthly. How much will you have in the account in 15 years?
- You deposit $2,250 each year into an account earning 1.5% interest compounded monthly. How much will you have in the account in 2 years?
- 1. How much will accumulate in an account with an initial deposit of $100, and which earns 10% interest compounded quarterly for three years? 2. Perpetuity of $5,000 per year beginning one year from
- If you deposit $2,698 at 11.00% annual interest compounded quarterly, how much money will be in the account after 13 years?
- If you deposit $85,924 at 16.4% annual interest compounded quarterly, how much money will be in the account after 16 years?
- How much should you deposit at the end of each month into a investment account that pays 8% compound monthly to have a one million when you retire in 38 years? How much of the 1 million comes from interest?
- You are planning to make annual deposits of $3,720 into a retirement account that pays 9 percent interest compounded monthly. How large will your account balance be in 35 years? (Do not round intermed
- You are planning to make annual deposits of $3,600 into a retirement account that pays 8 percent interest compounded monthly. How large will your account balance be in 25 years? (Do not round intermed
- You are planning to make annual deposits of $4,440 into a retirement account that pays 9 percent interest compounded monthly. How large will your account balance be in 32 years? (Do not round intermed
- How much will accumulate in an account with an initial deposit of $150 if it earns 10% interest compounded quarterly for 4 years?
- How much will accumulate in an account with an initial deposit of $250 if it earns 8% interest compounded quarterly for 6 years?
- If you deposit $3,200 in an account that earns 3% interest compounded monthly, how much will you have in the account in 5 years?
- If you deposit $5,600 in an account that earns 8.5% interest compounded monthly, how much will you have in your account in 15 years?
- If you deposit $5,800 in an account that earns 6% interest compounded monthly, how much will you have in your account in 6 years?
- If you deposit $4,500 in an account that earns 4.5% interest compounded monthly, how much will you have in the account in 10 years?
- If you deposit $1,560 in an account that earns 6% interest compounded monthly, how much will you have in your account in 15 years?
- If you deposit $5,800 in an account that earns 6% interest compounded monthly, how much will you have in your account in 3 years?
- If you deposit $5,800 in an account that earns 6% interest compounded monthly, how much will you have in your account in 12 years?
- If you deposit $300 in an account that earns 6.5% interest compounded monthly, how much will you have in your account in 15 years?
- If you deposit $1,560 in an account that earns 6% interest compounded monthly, how much will you have in your account in 9 years?
- If you deposit $1,560 in an account that earns 6% interest compounded monthly, how much will you have in your account in 12 years?
- If you deposit $5,600 in an account that earns 8.5% interest compounded monthly, how much will you have in your account in 3 years?
- If you deposit $3,200 in an account that earns 6% interest compounded monthly, how much will you have in the account in 5 years?
- If you deposit $5,000 in an account that earns 6% interest compounded monthly, how much will you have in your account in 20 years?
- If you deposit $1,560 in an account that earns 6% interest compounded monthly, how much will you have in your account in 3 years?
- If you deposit $300 in an account that earns 6.5% interest compounded monthly, how much will you have in your account in 6 years?
- If you deposit $9,000 in an account that earns 5% interest compounded monthly, how much will you have in your account in 5 years?
- If you deposit $5,600 in an account that earns 8.5% interest compounded monthly, how much will you have in your account in 9 years?
- If you deposit $6,500 in an account that earns 6% interest compounded monthly, how much will you have in your account in 4 years?
- If you deposit $5,000 in an account that earns 6% interest compounded monthly, how much will you have in your account in 15 years?
- If you deposit $1,900 in an account that earns 9% interest compounded monthly, how much will you have in your account in 12 years?
- If you deposit $5,000 in an account that earns 6% interest compounded monthly, how much will you have in your account in 5 years?
- If you deposit $300 in an account that earns 6.5% interest compounded monthly, how much will you have in your account in 3 years?
- If you deposit $5,600 in an account that earns 8.5% interest compounded monthly, how much will you have in your account in 12 years?
- If you deposit $300 in an account that earns 6.5% interest compounded monthly, how much will you have in your account in 9 years?
- If you deposit $5,600 in an account that earns 8.5% interest compounded monthly, how much will you have in your account in 6 years?
- If you deposit $5,800 in an account that earns 6% interest compounded monthly, how much will you have in your account in 15 years?