# Carla Lopez deposits $1,900 a year into her retirement account. If these funds have average earnings of 7 percent over the 40 years until her retirement, what will be the value of her retirement account? (Round your discount factor to 3 decimal places and final answer to the nearest whole dollar) ; Nelson Jennings 2022-07-17 Answered Carla Lopez deposits$1,900 a year into her retirement account. If these funds have average earnings of 7 percent over the 40 years until her retirement, what will be the value of her retirement account? (Round your discount factor to 3 decimal places and final answer to the nearest whole dollar) ;
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Formula for final value
$fv=p\cdot \frac{\left(1+r{\right)}^{n}-1}{r}\phantom{\rule{0ex}{0ex}}=1900\cdot \frac{\left(1+0.07{\right)}^{40}-1}{0.07}\phantom{\rule{0ex}{0ex}}=379306\cdot 7128\phantom{\rule{0ex}{0ex}}\approx 379307$
value of her retirement account is $\approx 379307$