The amount of money in Devon's retirement account if she saves $587 each month for 40 years is $956,488.14.
The total amount of her money contributed is $956,488.14.
The formula that can be used to determine the future value of the retirement account is:
Future value = monthly contribution x annuity factor
Annuity factor = {[(1+r)^n] - 1} / r
Where:
{[(1.004375^480) - 1] / 0.004375} x $587 = $956,488.14
Total contributions = $587 x 12 x 40 = $281,760
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