Posted by Najee on Tuesday, March 19, 2013 at 3:45pm.
Diane contributes $625 at the end of each month to retirement fund. For the past 10 years this fund has earned 3.84% a year. Compounded monthly, assuming the 3.84% rates continue, how much will she have in her retirement account after 15 years?

Algebra business  Steve, Tuesday, March 19, 2013 at 4:00pm
Using the formula below, where r is the annual interest rate, with n periods per year for t years,
F = P((1+i/n)^(nt)1)/(i/n) we have
= 625((1+.0384/12)^(12*15)1)/(.0384/12)
= 151,811.20
Answer This Question
Related Questions
 ctu  Diane works at a public university. She contributes $625 at the end of ...
 math  diane works at a public university and contributes $625 per month in her ...
 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% ...
 Differential Equations  A college professor contributes $5,000 per year into ...
 PLEASE HELP Math  As a fringe benefit for the past 8 years, Colin's employer ...
 Math  At the end of each quarter, a 50yearold woman puts $3000 in a ...
 business math  if I deposited $625 in a retirement account per month and it had...
 Algebra  At the beginning of each year, Joe invests $10,000 in his retirement ...
 accounting  novelty industries is establishing a sinking fund to redeem rs ...
More Related Questions