SOLUTION: You deposit $300 each month into an account earning 7% interest compounded monthly. a) How much will you have in the account in 20 years? b) How much total money will you p

Algebra ->  Finance -> SOLUTION: You deposit $300 each month into an account earning 7% interest compounded monthly. a) How much will you have in the account in 20 years? b) How much total money will you p      Log On


   

Question 1061861: You deposit $300 each month into an account earning 7% interest compounded monthly.
a) How much will you have in the account in 20 years?

b) How much total money will you put into the account?

c) How much total interest will you earn?
Answer by addingup(3677) About Me  (Show Source):
You can put this solution on YOUR website!
300 per month for 20 years, at 7% compounded monthly
-.-.-.-.-.-.-.-.-.
a)
A = 300((1+(0.07/12))^(12*20)-1)/(0.07/12)= 156,278
You can answer b) and c) with this information.
:
John