Friedrich is starting to save for retirement. He is currently 25 years old and will set aside $400 at the end of each month. If his account earns 8% compounded monthly, how much will he have when he retires at age 65? (a) Formula used: _______________ (b) Amount: ____________
Added by Deanna A.
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Total years = 65 - 25 = 40 years Total number of monthly payments = 40 years * 12 months/year = 480 payments Show more…
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