Answer:
$152,419.36
Step-by-step explanation:
The future value of an ordinary annuity is given by the formula ...
FV = P((1 +r/12)^(12t) -1)/(r/12)
where P is the monthly payment, r is the annual interest rate, and t is the number of years.
Annuity value
For P = 350, r = 0.021, and t = 27 (years to retirement age), the value is ...
FV = 350((1 +0.021/12)^324 -1)/(0.021/12) ≈ $152,419.36
The value of Jolene's retirement account when she turns 60 will be $152,419.36.
