You deposit $185 into a traditional individual retirement account (IRA) every month. The account offers 3.29% yearly interest. How much money will be in the account in 35 years? Round your answer to two decimal places.

This is a compound interest problem with regular monthly deposits. We will use the **future value of an annuity formula** to solve it:

\[
FV = P \times \frac{(1 + r/n)^{nt} - 1}{r/n}
\]

Where:
- $FV$ = Future value of the annuity (the amount in the account after 35 years).
- $P$ = Monthly deposit ($185).
- $r$ = Annual interest rate (3.29% or 0.0329).
- $n$ = Number of times the interest is compounded per year (monthly compounding means $n = 12$).
- $t$ = Number of years the money is invested (35 years).

Let me calculate the future value for you.The total amount in the account after 35 years, with monthly deposits of $185 and an annual interest rate of 3.29%, will be approximately **$145,612.70**.

Would you like further details or have any questions? Here are five related questions to consider:

1. What if the interest rate was higher, say 5%? How much would you accumulate?
2. How does the compounding frequency affect the final amount?
3. What would happen if you only deposited for 20 years instead of 35?
4. How does starting with an initial deposit affect the future value?
5. What if you missed a few monthly deposits? How would it impact the total?

**Tip:** Small differences in interest rates can significantly impact the total amount when compounded over long periods.

Discover how to calculate the future value of monthly deposits of $185 into a retirement account offering 3.29% annual interest over 35 years. Using the compound interest formula for annuities, this problem showcases exponential growth and how long-term savings accumulate.

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