SOLUTION: Yolanda, works at an hospital and every end of the month she contributes $625 to her retirement fund. For 10 years the fund has received an returned at 3.84% compounded monthly.

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Question 696589:
Yolanda, works at an hospital and every end of the month she contributes $625 to her retirement fund. For 10 years the fund has received an returned at 3.84% compounded monthly. if the same rate (3.84%) continues how much will Yolanda have in her retirement fund after 15 years.
Thanks need to know how the formula is set up with this type of compound interest formula
Answer by checkley79(3341) About Me  (Show Source):
You can put this solution on YOUR website!
625(1+.0384)^12*15
625(1.0384)^180
625*882.35=$ 551,470.54 ANS.