Math Problem Statement
You deposit $100 each month into an account earning 6% compounded monthly.
Do not round numbers while working on the problem. Only round the final answer.
Since we are working with money, round to the cent.
How much will you have in the account in 15 years?
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
Annuities
Formulas
Future Value of an Annuity
Theorems
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Suitable Grade Level
Advanced High School
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