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A wise mechanical engineering graduate began saving money for early retirement by depositing $1400 per month into a fixed rate account that pays 6% per year compounded semiannually. If she started saving 1 month after she started working, what is the expected value of the account at the end of 30 years

Respuesta :

The expected value of the investment based on the information is $1369649

What is an expected value?

An expected value simply means the anticipated value for an investment in the future.

From the information given,

Interest, I = 6%/2 = 3%

Time, t = 30 × 2 = 60 semiannual period

Semiannual Deposit = 1400 × 6 = 8400.

FW of account = 8400 (F/A, 3%, 60)

= 1369649

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