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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Answers (1)

Brienueentismvh
Answered 2022-07-18 Author has 11 answers
P = $ 1900 ,       r = 7 % , t = 40 y e a r s . = 0.07
Formula for final value
f v = p ( 1 + r ) n 1 r = 1900 ( 1 + 0.07 ) 40 1 0.07 = 379306 7128 $ 379307
value of her retirement account is $ 379307
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