A newspaper editor starts a retirement savings plan in which $125 per month is deposited at the beginning of each month into an account that earns an annual interest rate of 6.2% compounded monthly. Find the value of this investment (in dollars) after 20 years. (Round your answer to the nearest cent.)

A newspaper editor starts a retirement savings plan in which $125 per month is deposited at the beginning of each month into an account that earns an annual interest rate of 6.2% compounded monthly. Find the value of this investment (in dollars) after 20 years. (Round your answer to the nearest cent.)

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter5: The Time Value Of Money

Section: Chapter Questions

Problem 44P

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