Exponential Functions: money in acct after 40yrs of deposits

[nolanw]

I need to figure out a formula for this question.

At age 25 you start to work for a company. The company will deposit $10,000 into an account that pays a monthly interest rate of 1%. When you retire at age 65, how much money do you have?

 

[Denis]

Re: Exponential Functions

A = amount of deposit ($10,000)
n = number of interest periods (40 years * 12 = 480 months)
i = interest rate per period (1% = .01)
F = future value

Formula : F = A(1 + i)^n