Respuesta :
Answer:
$361,648
Explanation:
PMT (Monthly Deposit) = $750
i/r = 8%/year
= 8/12 = 0.67%/month
n = 18 years = 18 x 12 = 216 months
PV = 0
Input these above information into excel/financial calculator, we have:
FV (Amount he has when he retires) = $361,648
OR we can do the calculation manually:
FV = (750 x 1.0067^216)+ (750 x 1.0067^215) + ... (750x1.0067^1) + 750
= $361,648
Answer:
360,064.59
Explanation:
x=\frac{750\left(\left(1+\frac{.08}{12}\right)^{216}-1\right)}{\left(1+\frac{.08}{12}\right)-1}
