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To calculate the future value of an annuity (savings plan), we use the formula: FV...

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To calculate the future value of an annuity (savings plan), we use the formula: FV = PMT[(1 + rin) nt) 1]/(rin) where PMT is the payment amount that is deposited on a regular basis, r is the APR, n is the number of regular payments made each year and FV is the future value after t years. At the age of 25, Kyle starts an IRA (Individual Retirement Account) to save for retirement. He deposits $200 into the account each month. Based on past performance of similar accounts, he expects to obtain an annual interest rate of 8%. How much money will Kyle have saved upon retirement at age 65

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