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August 22, 2014

August 22, 2014

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

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 8:27pmYour errors include

i is .09/12=.0075

I get 1.46million dollars, about.

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

- math -
- math -
**Name**, Tuesday, October 25, 2011 at 8:35pmActually, 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

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