A self-employed internet security specialist deposits $2,000 at the end of every month into a simplified employee pension (SEP) account that earns 4.8% interest compounded monthly. What is the value (in dollars) of the SEP in 25 years? (Round your answer to the nearest cent.)
A self-employed internet security specialist deposits $2,000 at the end of every month into a simplified employee pension (SEP) account that earns 4.8% interest compounded monthly. What is the value (in dollars) of the SEP in 25 years? (Round your answer to the nearest cent.)
Chapter5: The Time Value Of Money
Section: Chapter Questions
Problem 44P
Related questions
Question
100%
A self-employed internet security specialist deposits $2,000 at the end of every month into a simplified employee pension (SEP) account that earns 4.8% interest compounded monthly. What is the value (in dollars) of the SEP in 25 years? (Round your answer to the nearest cent.)
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 4 steps
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Recommended textbooks for you
![EBK CONTEMPORARY FINANCIAL MANAGEMENT](https://www.bartleby.com/isbn_cover_images/9781337514835/9781337514835_smallCoverImage.jpg)
EBK CONTEMPORARY FINANCIAL MANAGEMENT
Finance
ISBN:
9781337514835
Author:
MOYER
Publisher:
CENGAGE LEARNING - CONSIGNMENT
![EBK CONTEMPORARY FINANCIAL MANAGEMENT](https://www.bartleby.com/isbn_cover_images/9781337514835/9781337514835_smallCoverImage.jpg)
EBK CONTEMPORARY FINANCIAL MANAGEMENT
Finance
ISBN:
9781337514835
Author:
MOYER
Publisher:
CENGAGE LEARNING - CONSIGNMENT