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

Ask a new question for Free

By Image

Drop file here or Click Here to upload

Math Problem Analysis

Mathematical Concepts

Compound Interest
Annuities

Formulas

Future Value of an Annuity

Theorems

-

Suitable Grade Level

Advanced High School