You decide to make monthly payments into a retirement fund earning 4.75% compounded monthly.  Note: Payments are made at the end of each period. If your monthly payments are $164, how much will you have in your retirement fund after 40 years? $  _________ .  Round to the nearest dollar.

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A: We can solve this as follows:

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Q: You decide to make monthly payments into a retirement fund earning 4.75% compounded monthly.  Note:…

A: Given-  Monthly deposit, PMT = $240 Rate, r = 4.75% = 4.75100 = 0.0475 Amount, A = $338,000 Number…

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A: Answer:- value of the fund 56 years from now = 500,000 *[(1+0.02/2)^(2*8) ]=586289.322462…