please use the correct formula .

9. If you deposit $3,200 into a retirement account at the end of each year for the next 40 years and buy investments that earn 9 percent per year, what is the expected future value of your retirement account? 62 63 Annual deposit at end of each year (Pmt) 64 Years of annual deposits (Nper) 65 Rate of earnings (Rate) 66 Expected value of retirement account (FV) $3,200 40 9% Solution: $1,081,224 Lesson: by investing less than $300 per month in fairly conservative stock investments you can expect to 67 be a millionaire by the time you retire. 68 10. Using information from #9, calculate the amount you deposited over the 40 years in order to 69 accumulate the $1,081,224. Hint: Multiply your annual deposit by the number of years. 70 Annual deposit at end of each year (Pmt) 71 Years of annual deposits (Nper) 72 Total of all deposits to earn $1,081,224 73 Lesson: This is the power of the time value of money: deposits of $128,000 grow to $1,081,224. $3,200 40 Solution: $128,000