You have been able to save a little bit of money over the last five years, though it wasn't anything very formal. Still, you have $6785 sitting in an investment account. Now you're going to get serious and contribute to that account another $784 each month for 28 years. You believe you can earn a consistent 5.9% per year on this investment, compounding monthly. What should your balance be at the end of this investment plan (of 28 years)?

Answer rating: 100% (QA)

To calculate the future value of an investment with regular monthly contri... View the full answer