You are planning to make annual deposits of $5,850 into a retirement account that pays 8 percent interest compounded monthly. how large will your account balance be in 25 years?

The value of the retirement account will be the future value which is calculated using FV function of Microsoft excel as in =FV(rate,nper,pmt) where

RATE = Annual interest rate = 8% = 8/100 =0.08

NPER = number of periods = number of years = 25

PMT= Annual deposit = 5850

Retirement account value =FV(0.08,25,5850) = 427,669.75

The balance in the retirement account in 25 years = $427,669.75

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