Posted by **Marisol** on Thursday, April 10, 2008 at 8:00pm.

I keep getting an answer with an exponent and i am not sure what i have done wrong here. Any help is appreciated.

To save for his retirement, Jeff puts $800 per month into his savings account every month for 30 years. The savings account pays 9% interest compounded monthly. How much money will he have in his savings account when he retires at the end of those 30 years?

FV=?

i=0.045

n=360

R=800

FV=R[(1+i)^n-1]/i

FV=800[(1+0.045)^360-1]/0.045

FV=800[7618413.852-1]

FV=800(7618412.852)/0.045

FV=1.354384507^11

- math -
**bobpursley**, Thursday, April 10, 2008 at 8:27pm
Your errors include

i is .09/12=.0075

I get 1.46million dollars, about.

- math -
**Marisol**, Thursday, April 10, 2008 at 9:25pm
Thanks for your help.!

- math -
**Name**, Tuesday, October 25, 2011 at 8:35pm
Actually, if you do simple math, you would get $25,920. If you want to know how much he will have after cashing it in, just do this.

I=PRT

I is the simple interest = 25,920

P is the Principal = $800

R is the rate = 9% = 0.09

T is the time = 30 years = 360 months

800x0.09x360=25,920

## Answer this Question

## Related Questions

- Math - A company contributes $170 per month into a retirement fund paying 4.20% ...
- Math - A company contributes $170 per month into a retirement fund paying 4.20% ...
- Algebra - - ok... we keep getting this one wrong: Solve the following equation ...
- Finance - You are planning to save for retirement over the next 15 years. To do ...
- Precalculus - Evaluate log(Base4) ^3sqrt64 (The ^3 is an exponent infront of ...
- finance - Suppose that you are 25 years old and you have two options to save ...
- Algbra - A car dealer will sell you the $16,650 car of your dreams for $3,290 ...
- Differential Equations - A college professor contributes $5,000 per year into ...
- Math - Jeremy is in Grade 8. He has a paper route and wants to save for his ...
- math - For y(x)=ln(3+x2), find y`(6) I keep getting 12 but it says that its the ...

More Related Questions