Math Problem Statement

You deposit $400 each month into an account earning 3% interest compounded monthly.

a) How much will you have in the account in 15 years?

$

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

$

c) How much total interest will you earn?

Solution

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Math Problem Analysis

Mathematical Concepts

Compound Interest
Future Value of an Annuity

Formulas

Future Value of an Annuity formula

Theorems

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Suitable Grade Level

High School