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March 28, 2017

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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 - ,

    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

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