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
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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...
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How to Find the Value of an Annuity
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Chapter 21 / Lesson 15
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An 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.
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