You are planning to make monthly deposits of 400 into a retirement account that pays 7 per cent interest compounded monthly.

Required:

If your first deposit will be made one month from now, how large will your retirement account be in 40 years? (Round your answer to 2 decimal places (e.g., 32.16). The program includes a margin of error of +/ 1%.)

The future value of the deposit = ?

Ik kom zelf op het antwoord 1,049,925.35 uit en het antwoordmodel op 1,043,438.63