anonymous
  • anonymous
Carmen is planning to invest $200 in a retirement account at the beginning of each month for the next 20 years. The account is earning 3.15% interest, compounded annually. He used the following formula and variables to solve for the future value of the account after 20 years. He found that the future value of this account will be $65481.95. Is Carmen’s solution correct? If not, explain what he did wrong and provide the correct solution.
Finance
chestercat
  • chestercat
I got my questions answered at brainly.com in under 10 minutes. Go to brainly.com now for free help!
At vero eos et accusamus et iusto odio dignissimos ducimus qui blanditiis praesentium voluptatum deleniti atque corrupti quos dolores et quas molestias excepturi sint occaecati cupiditate non provident, similique sunt in culpa qui officia deserunt mollitia animi, id est laborum et dolorum fuga. Et harum quidem rerum facilis est et expedita distinctio. Nam libero tempore, cum soluta nobis est eligendi optio cumque nihil impedit quo minus id quod maxime placeat facere possimus, omnis voluptas assumenda est, omnis dolor repellendus. Itaque earum rerum hic tenetur a sapiente delectus, ut aut reiciendis voluptatibus maiores alias consequatur aut perferendis doloribus asperiores repellat.

Get this expert

answer on brainly

SEE EXPERT ANSWER

Get your free account and access expert answers to this
and thousands of other questions

anonymous
  • anonymous
The future value I had is $ $66,422.05 N:240 I: 0.25878470% --> (1+3.15%)^(1/12) Annuity: 200 Compute FV

Looking for something else?

Not the answer you are looking for? Search for more explanations.