Question

SERIOUS HELP :/

Lonny is 42 years old and starting an IRA (individual retirement account). He is going to invest $350 at the beginning of each month. The account is expected to earn 1.5% interest, compounded monthly. How much money, rounded to the nearest dollar, will Lonny have in his IRA if he wants to retire at age 62?

$97,890

$98,012

$48,909

$49,032

Answer 1

I tried plugin in it like it : 350 ((1)/(0.015))=(1)/((0.015)(1+0.015)^(744))+(350) <--

but every time I do it come out " false "

Answer 2

http://www.wolframalpha.com/input/?i=350+%28%281%29%2F%280.015%29%29%3D%281%29%2F%28%280.015%29%281%2B0.015%29%5E%28744%29%29%2B%28350%29