document.write( "Question 1190655: You deposit $200 each month into an account earning 7% interest compounded monthly.\r
\n" ); document.write( "\n" ); document.write( "a) How much will you have in the account in 30 years? (Round down to the cents place.)\r
\n" ); document.write( "\n" ); document.write( "b) How much total money will you put into the account? (Give the exact value.)\r
\n" ); document.write( "\n" ); document.write( "c) How much total interest will you earn?
\n" ); document.write( "I am stuck on this; I've tried the formulas for it
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Algebra.Com's Answer #851857 by ikleyn(52781) $\"\"$ $\"About$

You can put this solution on YOUR website!
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\n" ); document.write( "You deposit $200 each month into an account earning 7% interest compounded monthly.
\n" ); document.write( "a) How much will you have in the account in 30 years? (Round down to the cents place.)
\n" ); document.write( "b) How much total money will you put into the account? (Give the exact value.)
\n" ); document.write( "c) How much total interest will you earn?
\n" ); document.write( "I am stuck on this; I've tried the formulas for it
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\n" ); document.write( "\n" ); document.write( "Calculations in the post by @CPhill are not accurate.\r
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document.write( "The formula, which should be used is\r\n" );
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document.write( "    PV = .\r\n" );
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document.write( "Calculations should be done without making intermediate rounding.\r\n" );
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document.write( "Rounding is made at the end, ONLY.\r\n" );
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document.write( "The correct answer to (a) is  243,994.20 dollars,  which can be rounded to $243,994.\r\n" );
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\n" ); document.write( "\n" ); document.write( "Solved.\r
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\n" ); document.write( "\n" ); document.write( "I used MS Excel in my computer, which works with 15 decimals after the decimal point,
\n" ); document.write( "providing a necessary precision.\r
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\n" ); document.write( "\n" ); document.write( "It is equivalent to Google worksheet.\r
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\n" ); document.write( "\n" ); document.write( "These are the best and the most appropriate calculators for such computing.\r
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\n" ); document.write( "\n" ); document.write( "You write the formula in any text editor, copy-paste it into the spreadsheet cell and get the answer instantly.\r
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