Assume that you contribute $300 per month to a retirement plan for 15 years. Then you are able to increase the contribution to $600 per month for another 25 years. Given a 6.0 percent interest rate, what is the value of your retirement plan after the 40 years? Note: Do not round intermediate calculations and round your final answer to 2 decimal places. Future value of multiple annuities

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A: The accumulated value can be calculated as future value of annuity

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A: Here, To Find: Future value of multiple annuities =?

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Effective Interest Rate

The term interest rate can be defined as the amount that is charged by the lender as a percentage on the principal amount. Interest rate which is charged annually is known as annual percentage rate.