# 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. *

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,