If you deposit $400 per month into an account with a 11% interest rate compounded monthly, how much will you have after 40 years?
Added by Jessica V.
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The formula for the future value of a series (ordinary annuity) is: \[ FV = P \times \frac{(1 + r)^n - 1}{r} \] Where: - \( FV \) = future value of the investment/loan, including interest - \( P \) = payment amount per period - \( r \) = interest rate per Show more…
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