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Calculate the future value of the retirement account

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Reference no: EM132459261

Suppose you put $800 per month into a Roth IRA, that pays 8% APR (compounded monthly). Assume you have nothing saved today, calculate the future value of the retirement account 30 years from today. (Enter a positive value and round to 2 decimals)

FV = Future value

Rate = 8%/12 = .0067 (monthly)

Nper = 30 * 12 = 360 periods (monthly)

Pmt = $800

PV = 0

Substituting the values in formula:

FV = (0.0067, 360, -800, 0) = $1,202,014.00

Reference no: EM132459261

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