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 intermediate calculations and round your final answer to 2 decimal places, e.g., 32.16.)
Compound Interest on an annuity:
The earlier you start saving for retirement, the more you will be able to take advantage of compound interest. We can calculate the future value of a retirement account receiving monthly deposits with the future annuity calculation.
Answer and Explanation:
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from Algebra II TextbookChapter 21 / Lesson 15