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 me ASAP. Thanks.

Question

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 me ASAP. Thanks.

anonymous · Answer

Compound interest formula is A= P ( 1 + r/n)^n(t) if you plug in 60 for the initial amount, (p) then convert 3.5% into decimal and plug in for (r), and the "n" represents the compounding interest which is monthly so that will be 12, and then the difference in years between 30 and 65 when you retire is 35, you plug that in to (t) and you will get "A" which becomes your total investment.

anonymous · Answer

ok I have (1+0.035/12) = 1.00291667. What would I insert into the ^? Do I insert ^ 12x35?

anonymous · Answer

correct

anonymous · Answer

ok so that's 420. Then what do I do?

anonymous · Answer

You multiply 1.0029^420 then again by 60 and that will give you the answer

anonymous · Answer

Which rounded to the nearest dollar should be 202.00$

anonymous · Answer

thanks