Answer:
$201,767.18
Step-by-step explanation:
Age at which Susan will retire= 65 years
Age ate which she began investing = 21 years
time for she invested = 44 years = 528 months
APR= 8.5 %
Effective annual rate = 8.84% (compounded monthly)
monthly investment= $35
Annual investment of Susan= 35*12= $420
Applying formula and calculating we get
When she retires she will receive = $201,767.18
