SOLUTION: You deposit $100 each month into an account earning 5% interest compounded monthly. a) How much will you have in the account in 35 years?

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Question 1202908: You deposit $100 each month into an account earning 5% interest compounded monthly.
a) How much will you have in the account in 35 years?
Answer by Theo(13342) About Me  (Show Source):
You can put this solution on YOUR website!
you will have 113,609.24 in the account at the end of the 35 years investment period.

i used the calculator at https://arachnoid.com/finance/

here are the results.



inputs were:
present value = 0.
number of time periods = 35 years * 12 months per year = 420 months.
payment at the end of each month = -100 dollars.
interest rate per time period = 5% / 12 = .41666666666.....% per month.

payments are negative because that's what is being invested.

output is future value = 113,609.24