I can't seem to figure this problem out:
You make $4,800 annual deposits into a retirement account that pays 10.5 percent interest compounded monthly.
Required:
How large will your account balance be in 30 years?
I feel like I'm really close, though. Here is where I'm at so far:
F(4800)=4800*[((1-(1+(0.105/12))^360)/(1-(1+(0.105/12))]
N = 360 (or 30 yrs. * 12 mo/yr)
I = 10.5/360 = .029
PV=0
PMT=-4800/yr
I don't get what I'm doing wrong and there aren't really any references provided in class to work off of.