An individual contributes $200 per month to a 401(k) retirement account. The account earns interest at a nominal annual interest rate of 8%, with interest being credited monthly. what is the value of the account after 35 years?

An individual contributes $200 per month to a 401(k) retirement account. The account earns interest at a nominal annual interest rate of 8%, with interest being credited monthly. what is the value of the account after 35 years?

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter5: The Time Value Of Money

Section: Chapter Questions

Problem 1P

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