SOLUTION: if i save $300 a month and over time my mutual fund earns 9.0% APR compounded monthly for 57 years, when i retire how much will the mutual fund be worth?

Algebra ->  Customizable Word Problem Solvers  -> Finance -> SOLUTION: if i save $300 a month and over time my mutual fund earns 9.0% APR compounded monthly for 57 years, when i retire how much will the mutual fund be worth?      Log On

Ad: Over 600 Algebra Word Problems at edhelper.com


    

Question 718198:
if i save $300 a month and over time my mutual fund earns 9.0% APR compounded monthly for 57 years, when i retire how much will the mutual fund be worth?
Answer by checkley79(3341) About Me  (Show Source):
You can put this solution on YOUR website!
300(1+.09/12)^57*12
300(1.0075)^684
300*165.81=$49,743.78 ANS.