Answer:
$211,971.
Explanation:
he will have earned in $115,971 in interest.
When you have a solid retirement balance, If you make $50,000 at 30 years old, you should have $50,000 set aside for retirement. You should have three times your annual pay by the age of 40.
The balance of Rahul's retirement account after 40 years is 146,887.12
[tex]\text{Balance of his retirement account after 40 years} \\\\\= \text{Monthly Saving} \text { x } \frac{((1+r)^n-1)}{r}[/tex]
[tex]r = \frac{0.02}{12}\\\n = 40 \text{ x }12 \\\\= 480[/tex]
[tex]\text{Rahuls's Balance of retirement account}\\\\ = 200\text { x } \frac{{(1+0.02/12)^{480-1}}/{\frac{0.02}{12}}}[/tex]
[tex]\text{Balance of his retirement account after 40 years = 146,887.12}[/tex]
For more information about retirement account balance, refer below
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