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Mrs. Simpson is saving for her retirement. If she makes a payment of $1,000 at the end of each month for 15 years and earns a rate of 5.25% compounded 12 times per year, how much will she have in her retirement account when she is ready to retire

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Answer:

$272,942.36

Explanation:

The formula for calculating future value = A (B / r)  

B = [(1 + r) ^mn] - 1

FV = Future value  

P = Present value  

R = interest rate

m = number of compounding per month

N = number of years  = 0,0525 /12 = 0,004375

$1,000  (1.004375)^180 - 1 /  0,004375 =$272,942.36

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