SOLUTION: You deposit $300 each month into an account earning 8% interest compounded monthly. a) How much will you have in the account in 35 years? b) How much total money will you put

Question 1061599: You deposit $300 each month into an account earning 8% interest compounded monthly.
a) How much will you have in the account in 35 years?
b) How much total money will you put into the account?
c) How much total interest will you earn?

Answer by Boreal(15235) (Show Source): You can put this solution on YOUR website!
FV=C(1-i/n)-1 divided by i/n
FV=300(1+(0.08/12)^420-1 divided by 0.08/12
not rounding until the end, I get 16.29-1 for the parentheses
FV=300(15.29)/0.08/12=
$688,164.75
The amount deposited was $3600 per year for 35 years or $126,000
The amount of interest earned is 688164.75-126,000=$562164.75
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