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.

Question

anonymous · Answer

Here you have to use the recurring deposit

anonymous · Answer

I tried and the answer is coming out all kinds of crazy, can you solve it so i can compare my answer

anonymous · Answer

which formula you are using

anonymous · Answer

A=P(1+r/m)^mt

anonymous · Answer

@jazziebee 3.5% compounded monthly

anonymous · Answer

am I using the right formula ?