Don opened a retirement account with an APR of 3.25% compounded monthly. He is planning to retire in 15 years. About how much will he have in the account when he retires if he deposits $750 a month? Include your work as best as possible. *

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Question:

Don opened a retirement account with an APR of 3.25% compounded monthly. He is planning to retire in 15 years. About how much will he have in the account when he retires if he deposits $750 a month? Include your work as best as possible. *

Answer:

So, the required amount is $27655.384.

Compound Interest:

The formula for finding the compound interest is ,

Consider the periodic deposit amount

Rate

Consider the time

Substituting the given values into the above formula we get,

Learn more about the topic Compound Interest:

https://brainly.in/question/25191515

From the answer and question examples above, hopefully, they can potentially help the student sort out the question they had been looking for and take notice of every piece declared in the answer above. You could definitely then have a discussion with your classmate and continue the school learning by studying the problem mutually.

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