Mrs. Jones is saving for her retirement. If she makes a payment of $1,500 at the end of each month for 20 years and earns a rate of 7% compounded 12 times per year, how much will she have in her retirement account when she is ready to retire? If Mrs. Jones makes her payment at the beginning of each month how much will she have in her retirement account when she is ready to retire?

Answer rating: 100% (QA)

Answer 1 payments at the end of the month Information provided Monthly payment 1000 Time 20 years12 ... View the full answer