$800,000 if your rate of return is 5.3% compounded monthly

Question

If you deposit the amount you need to achieve your goal in 20 years, how much will your savings be worth after 10 years?

Answer 1

Is this a continuation of the post
http://www.jiskha.com/display.cgi?id=1482086783 ?
If it is, it would be another advantage to keep your pen name the same (except using anonymous), because otherwise tutors cannot assume continuation and have to ask for details.

Is $800,000 the future value in 20 years?

Answer 2

P(1+r)^20 = P(1+r)^10 * (1+r)^10

So, the amount after 10 years is

800000/(1+.053/12)^(12*10) = 471433.81

Answer 3

Your answer is wrong the correct answer is $296,631.79