math question

Question

Suppose you want to accumulate $70,000 to serve an 18-month mission with your spouse 40 years from now. Use the savings plan formula to see if the following investment will allow you to reach your financial goal. Assume that the number of payments periods and compoundings are the same.

You deposit $40 per month into an investment portfolio that averages an APR of 6%.

1)Final Balance:

???'$ (Round to the nearest dollar and do not use commas.)

2)Can you reach your goal?:

no
yes

Answer 1

final balance $63408

No, because $63408 is less than $70000.