Answer:
Throughout her retirement plan, Lena will still have $206,673.13.
Explanation:
The given values are:
Annual Interest Rate
= 12.00%
Monthly Deposit
= $110
Period
= 25 years i.e., 300 months
Monthly Interest Rate
= 1.00%
Now,
The Accumulated Deposits will be:
⇒ [tex]110\times 1.01^{299} + 110\times 1.01^{298}+....+ $110\times 1.01 + $110[/tex]
⇒ [tex]\frac{110\times (1.01^{300} - 1)}{0.01}[/tex]
⇒ [tex]110\times 1,878.846626[/tex]
⇒ [tex]206,673.13[/tex] ($)
