1. **State the problem:** You plan to deposit 225 each month into an IRA earning 0.90% interest monthly. You want to find out how much you will have in your account after 20 years. 2. **Formula used:** For monthly deposits with monthly compounding interest, the future value of an annuity formula is: $$FV = P \times \frac{(1 + r)^n - 1}{r}$$ where: - $P$ is the monthly deposit - $r$ is the monthly interest rate (as a decimal) - $n$ is the total number of deposits 3. **Convert years to months:** $$n = 20 \times 12 = 240$$ 4. **Convert interest rate to decimal:** $$r = 0.90\% = \frac{0.90}{100} = 0.009$$ 5. **Plug values into the formula:** $$FV = 225 \times \frac{(1 + 0.009)^{240} - 1}{0.009}$$ 6. **Calculate $(1 + 0.009)^{240}$:** $$1.009^{240} \approx 6.022575$$ 7. **Calculate numerator:** $$6.022575 - 1 = 5.022575$$ 8. **Calculate fraction:** $$\frac{5.022575}{0.009} \approx 558.064$$ 9. **Calculate final future value:** $$FV = 225 \times 558.064 = 125565.00$$ 10. **Interpretation:** After 20 years of monthly deposits of 225 with 0.90% monthly interest, you will have approximately 125565 in your account. Note: The answer 189640.00 provided in the question seems to be incorrect based on the given interest rate and deposits.