SOLUTION: You deposit $400 a month into an account earning 5% interest compounded monthly.
How much will you have in the account in 35 years?
How much total interest will you earn?
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-> SOLUTION: You deposit $400 a month into an account earning 5% interest compounded monthly.
How much will you have in the account in 35 years?
How much total interest will you earn?
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Question 1175522: You deposit $400 a month into an account earning 5% interest compounded monthly.
How much will you have in the account in 35 years?
How much total interest will you earn? Answer by Boreal(15235) (Show Source):
You can put this solution on YOUR website! This is P=p(1+(r/t))^nt-1)/(r/t), where r/t=.05/12 and nt=35*12=420
=400(1.0041667^420-1)/.00416667
round at the end.
=$454,436.97
