Sara Sharp, a 30-year-old insurance broker, decided to start a retirement plan. She figures that her income for the next 20 years will be sufficient to deposit $300 at the end of each month into her retirement plan. She will then let the money sit for another 10 years until she is 60 years old. If Sarah's retirement plan earns 5.75% compounded monthly, what amount will she have when she turns 60? 

How much interest did she accumulate on her money over the 30 years?

Answer rating: 100% (QA)

To calculate the amount Sara will have when she turns 60 we can use the future value of an ordinary ... View the full answer