You are planning to make monthly deposits of $70 into a retirement account that pays 8 percent interest compounded monthly. If your first deposit will be made one month from now, how large will your retirement account be in 29 years? Multiple Choice $100,301.38 O $87.331.39 $1,146,301.54 G

EBK CONTEMPORARY FINANCIAL MANAGEMENT
14th Edition
ISBN:9781337514835
Author:MOYER
Publisher:MOYER
Chapter5: The Time Value Of Money
Section: Chapter Questions
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You are planning to make monthly deposits of $70 into a retirement account that pays 8
percent interest compounded monthly. If your first deposit will be made one month from
now, how large will your retirement account be in 29 years?
Multiple Choice
$100,301.38
$87,331.39
$1,146,301.54
Jim
Transcribed Image Text:You are planning to make monthly deposits of $70 into a retirement account that pays 8 percent interest compounded monthly. If your first deposit will be made one month from now, how large will your retirement account be in 29 years? Multiple Choice $100,301.38 $87,331.39 $1,146,301.54 Jim
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