Homework Answers
monthly deposits = $3000 at the beginning of the month
total time period = 67-43 = 24 years
interest rate = 14% compounded monthly
So, this is an annuity due problem, here FV is
FV = A*(1+r/n)*((1+r/n)^(n*t) - 1)/(r/n) = 3000*(1+0.14/12)*((1+0.14/12)^(12*24) - 1)/(.14/12) = $7084908.30
She will sace @7084908.30 at age of 67
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