You are to make monthly deposits of $425 into a retirement account that pays an APR of 10.6 percent compounded monthly. INCOMPLETE ETIREMENT ACCOUNT VALUE first deposit one month from now onthly deposit $ periods onthly interest % stal Accumulation 425.0000 If your first deposit will be made one month from now, how large will your retirement account be in 31 years? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) 372.0000 APR 0.106 0.0088 years 31.0000 11,199.9087 Retirement account value
You are to make monthly deposits of $425 into a retirement account that pays an APR of 10.6 percent compounded monthly. INCOMPLETE ETIREMENT ACCOUNT VALUE first deposit one month from now onthly deposit $ periods onthly interest % stal Accumulation 425.0000 If your first deposit will be made one month from now, how large will your retirement account be in 31 years? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) 372.0000 APR 0.106 0.0088 years 31.0000 11,199.9087 Retirement account value
Chapter5: The Time Value Of Money
Section: Chapter Questions
Problem 36P
Related questions
Question
What am I doing wrong?
![You are to make monthly deposits of $425 into a retirement account that pays an APR of
10.6 percent compounded monthly.
INCOMPLETE
RETIREMENT ACCOUNT VALUE
first deposit one month from now
Monthly deposit $
# periods
monthly interest %
425.0000
If your first deposit will be made one month from now, how large will your retirement
account be in 31 years? (Do not round intermediate calculations and round your
answer to 2 decimal places, e.g., 32.16.)
372.0000 APR
0.106
0.0088 years
31.0000
Total Accumulation
11,199.9087
Retirement account value](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F531c135e-43c5-40a3-957b-6527d4057224%2Fc686fe88-76e1-42ab-bac8-cb08cedd9d95%2Fgt2ukgs_processed.png&w=3840&q=75)
Transcribed Image Text:You are to make monthly deposits of $425 into a retirement account that pays an APR of
10.6 percent compounded monthly.
INCOMPLETE
RETIREMENT ACCOUNT VALUE
first deposit one month from now
Monthly deposit $
# periods
monthly interest %
425.0000
If your first deposit will be made one month from now, how large will your retirement
account be in 31 years? (Do not round intermediate calculations and round your
answer to 2 decimal places, e.g., 32.16.)
372.0000 APR
0.106
0.0088 years
31.0000
Total Accumulation
11,199.9087
Retirement account value
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