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A retirement account is opened with an initial deposit of and earns interest compounded monthly. What will the account be worth in 35 years? (Rodund your answer to the nearest cent.)

Refer to the general compound interest formula. When interest is compounded monthly, what is the value of ? How is the interest rate expressed as a decimal?
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Ask by Parsons Hill. in the United States
Mar 30,2025

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and the interest rate as a decimal is .

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Beyond the Answer

When you’re compounding interest monthly, represents the total number of compounding periods within the year. For monthly compounding, that means there are 12 periods in a year. Therefore, over 35 years, the total would be compounding periods.
To express the interest rate as a decimal, you take the percentage and divide it by 100. So, for an interest rate of , converting it to decimal gives you . This is the rate you’ll use in your calculations to find the future value of your retirement account!

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