Questions: You can save $200 monthly to put into your retirement account and you have 35 years until you retire. Assume an 8% rate of return and a monthly compounding period.

a. How much money will you have in retirement?
b. What things could you change to increase the amount you will have in retirement?
c. Make just one change (amount, time, or interest rate) and write down how much money you will now have in retirement.

Step-by-step explanation:

Q1 .  

Money saved every month = $200  

Time period until you retire = 35 years

Rate of Interest = 8%

The money is compounded monthly.

a). Amount for retirement = Saving annuity

Saving or making  a series of payments at regular intervals is called annuity.

Annuity formula is :

P_{n} = d((1 + r/k)^{nk} - 1)/(r/k)

PN is the balance in the account after N years.

d is the regular deposit (the amount you deposit each month)

r is the annual interest rate in decimal form(R/100)

k is the number of compounding periods in one year

Here d= $200 , r = 0.08 , n = 35 years , k = 12 (compounded monthly)

P_{n} = 200((1 + 0.08/12)^{(35*12)} - 1)/(0.08/12)

= $ 458776.50

b). Looking at the formula used in above option we can -

Increase number of years to increase retirement amount

Increase the monthly amount deposited

Increasing rate of interest also increases the amount

Compounding Annually , half yearly or quaterly will decrease the amount

c). Let us change the amount from $200 to $300 . Then amount will be

P_{n} = d((1 + r/k)^{nk} - 1)/(r/k)

P_{n} = 300((1 + 0.08/12)^{(35*12)} - 1)/(0.08/12)

= $ 688164.75

A

hope this helps

Step-by-step explanation:

12 x 200 = 2,400

2,400 x 35 = 84,000

she played for 18.75 hours.

step-by-step explanation:

if she played 2/4 of a hour on tuesday. and there is 60 minutes in an hour and 60 divided by 4 is 7.5. and she played 2/4 of an hour on thursday then again 60 divided by 4 is 7.5, you add 7.5+7.5=56.25. now you have to do 1/4 of an hour, it equals 3.75. now you have to add them all up. 3.75+7.5+7.5=18.75

i hope this and i hope you get it right. it took me a while to get this done for you. : )

i dont know

step-by-step explanation: