Question 542441
your answer is:
$60.07842193 invested at the end of each month for 29 years will yield $105,000 at the end of that period of time.
i used a financial calculator.
you can also find the answer using the payment for a future month formula.
you would set the monthly interest rate at 9.25 / 12 = .770833333
you would set the number of time periods at 29 * 12 = 348.
the formula for payment of a future amount can be found in the following tutorial.
<a href = "http://www.algebra.com/algebra/homework/Finance/PMTFV.lesson" target = "_blank">http://www.algebra.com/algebra/homework/Finance/PMTFV.lesson</a>