ou are planning to make monthly deposits of $190 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 retirement account be in 19 years? $134,865.11 $128,442.96
ou are planning to make monthly deposits of $190 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 retirement account be in 19 years? $134,865.11 $128,442.96
Chapter5: The Time Value Of Money
Section: Chapter Questions
Problem 24P
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Question
You are planning to make monthly deposits of $190 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 retirement account be in 19 years?
$134,865.11
$128,442.96
$116,642.73
$1,541,315.57
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