SOLUTION: You deposit $100 each month into an account earning 5% interest compounded monthly.
a) How much will you have in the account in 35 years?
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Question 1202908: You deposit $100 each month into an account earning 5% interest compounded monthly.
a) How much will you have in the account in 35 years?
Answer by Theo(13342) (Show Source): You can put this solution on YOUR website!
you will have 113,609.24 in the account at the end of the 35 years investment period.
i used the calculator at https://arachnoid.com/finance/
here are the results.
inputs were:
present value = 0.
number of time periods = 35 years * 12 months per year = 420 months.
payment at the end of each month = -100 dollars.
interest rate per time period = 5% / 12 = .41666666666.....% per month.
payments are negative because that's what is being invested.
output is future value = 113,609.24
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