SOLUTION: A set of clients has come to you to seek retirement advice. They are able to deposit $800/month into a retirement account that earns a nominal annual rate of 7%. They hope to retir

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Question 1185581: A set of clients has come to you to seek retirement advice. They are able to deposit $800/month into a retirement account that earns a nominal annual rate of 7%. They hope to retire in 30 years. How much of the balance will they have in 30 years?
Answer by Theo(13342) About Me  (Show Source):
You can put this solution on YOUR website!
the calculator found at https://arachnoid.com/finance/index.html can help you find the answer to this question.

your inputs to this calculator are:

pv = 0
the time periods are in months.
np = 30 years * 12 months per year = 360 months.
pmt = 800
ir = 7% per year / 12 = .5833333333% per month.
payment is made at the end of each month.

your output from the calculator is $975,976.80

here's a display of the inputs.



here's a display of the output.



your solution is that you will have $975,976.80 at the end of the 30 year investment period.