SOLUTION: I deposit 10.5 cents every month in the bank for 40 years, and the bank gives me 3% interest every month on the total amount I have in the bank account. How much money will I have
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Question 1015475: I deposit 10.5 cents every month in the bank for 40 years, and the bank gives me 3% interest every month on the total amount I have in the bank account. How much money will I have after 40 years?
So, after the first month I have 10.815 cents, then after two months I have 21.95445 cents, and so on.
I believe the answer is 523326622.2 cents, but I could be wrong. I don't know how to formulate it using the interest formulas. I could formulate it in excel, but that would be impossible to put on paper. Answer by Alan3354(69443) (Show Source):
