At the age of 30, to save for retirement, you decide to deposit $60 at the end of each month into an IRA that pays 3.5% compounded monthly. How much will you have in the IRA when you retire at age 65? Do not round until the final answer. Then, round to the nearest dollar as needed.
PLEASE HELP!

Question

anonymous · Answer

Do you know what formula to apply?

anonymous · Answer

I believe it is A=R[1+r/m)^mt-1/r/m]

anonymous · Answer

65 - 30 = 35 yrs
35 yrs * 12 months = 420 months
P = $ 60 * 420 = ..

anonymous · Answer

Thank you! It is greatly appreciated!

anonymous · Answer

Can you continue now?

anonymous · Answer

Sure can! Thank you!

anonymous · Answer

Post your result if you'd like me confirm it :)