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QUESTION
Imagine investing $250 monthly into a 401(k) retirement account that averages an APR of 7% compounded monthly. If this is done consistently for 45...
Imagine investing $250 monthly into a 401(k) retirement account that averages an APR of 7% compounded monthly. If this is done consistently for 45 years until retirement. Use the savings plan formula to calculate your final balance (future value). After this calculation, find how much of this future value is principal and how much is interest.
