(1+*04146 2.4351884 14. You want to retire in 40 years. How much money would you have if you deposit $375 monthly into your 401k that pays 8.34% compounded monthly? +3 A = Pl r
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34% per year compounded monthly, so we need to divide it by 12) n = the number of times the interest is compounded per year (12 times, since it's compounded monthly) t = the number of years (40 years) Now, let's plug in the values: r = 0.0834 / 12 = 0.00695 Show more…
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