Math  /  Word Problems

QuestionGrayson saves \$1,000/month for 20 years at 9% annual interest, compounded monthly. How much will he have to retire?

Studdy Solution
Calculate the future value.
Futurevalue=$,000times((+0.0075)240)/0.0075=$622,448Future\, value = \$,000 \\times (( +0.0075)^{240} -) /0.0075 = \$622,448Grayson will have approximately $622,448 to retire.

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