Correct me please?

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?

Question

Correct me please?


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?

anonymous · Answer

for the equation i got 350((1+.015)^240-1)/.015)

anonymous · Answer

Hey helppls123 did you get the answer?