Algebra business
posted by Najee on .
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?

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