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?

Did i set up the equation wrong?
350 (1-0.015/(1+0.015)^240)

Question

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?



Did i set up the equation wrong? 
350 (1-0.015/(1+0.015)^240)

anonymous · Answer

This is a 'uniform series' problem, so i'd use this equation
F = A ((1+i)^n -1) / i)

anonymous · Answer

so would it be 
350((1+.015)^240-1)/.015)
?