You wish to save $4,990 for a special present for your grandma's 95th birthday party in California.  You will begin saving exactly 4 months from now and will continue  saving every month until you purchase and mail her gift in 24 months.  With a savings rate of 6.13% APR compounded monthly.

How much total interest will you earn on your savings?

Answer rating: 100% (QA)

To calculate the total interest earned we first need to determine the monthly interest rate We can d... View the full answer