You are saving for retirement and deposit $700 each month into an investment account with 9% APR, compounded monthly. You currently have $14,000 in the account, and your next monthly deposit will be in one month. How much will you have when you retire in 40 years? Please provide full calculations.

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Answer rating: 100% (QA)

We can use the formula for the future value of an annuity to calcul... View the full answer