SOLUTION: You deposit $100 each month into an account earning 8% interest compounded monthly. a) How much will you have in the account in 20 years? $ b) How much total money will

Algebra ->  Test -> SOLUTION: You deposit $100 each month into an account earning 8% interest compounded monthly. a) How much will you have in the account in 20 years? $ b) How much total money will       Log On


   

Question 1195624: You deposit $100 each month into an account earning 8% 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 ikleyn(52812) About Me  (Show Source):
You can put this solution on YOUR website!
.

You did it very well by coming with your question to this forum.

I will not solve the problem for you - - - I will do better:  I will teach you on how you can solve it
on your own,  by showing you a  TEMPLATE  of just solved similar problem.


See the lesson
    - Solved problems on Ordinary Annuity saving plans
in this site,  Problem  3.

Use this template to solve the given problem in the same way.