You are planning to make monthly deposits of $475 into a retirement account that pays 10 percent interest compounded monthly. If your first deposit will be made one month from now, how large will your retirement account be in 30 years

$1,073,731.76

Explanation:

This question refers to an annuity which is the payment of a series of cash.

It relates to the future value of an annuity because the question asks what the retirement income will be in 30 years.

The formula for the future value of an annuity is,

F = P * ([1 + r]^n - 1 )/r

Where,

P is the payment amount.

r is equal to the interest (discount) rate and

n is the number of periods.

As the details given to us are in a yearly format but the payments are monthly we would need to convert these details as well.

r = 0.10/12

= 0.10/12

It's best to leave it as a fraction

n = 30 * 12 months

= 360 months.

Now we plug them into the formula.

= 475 * ( (1+(0.1/12))^360 - 1)/(0.1/12)

= $1,073,731.76

This is the value in 30 years.

If you need any clarification or have any questions please feel free to comment or react. Thank you.

idk sorry

explanation:

being born in poverty would limit the people's chances, opportunities and benefits.

this happen because of several things, such as:

- poor people tend to gain less access to good education and nutrition. this mean that their chance to obtain high paying jobs would also be limited.

- poor people tend to socialize with other poor people while the rich tend to socialize with other rich people. this means that simply throguh their social circle, rich people would have more business opportunities compared to the poor people.

- rich people tend to have more capital in their disposal. this would benefit them in business since it is far easier for them to fund their business operation compared to poor people.