Question: PRACTICE ANOTHER 6. [1/3 Points) DETAILS PREVIOUS ANSWERS MY NOTES ASK YOUR TEACHER A young executive deposits $100 at the end of each month for
PRACTICE ANOTHER 6. [1/3 Points) DETAILS PREVIOUS ANSWERS MY NOTES ASK YOUR TEACHER A young executive deposits $100 at the end of each month for 4 years into an account that eams 6 compounded monthly. How much is in the account after the 4 years? Round your answer to the nearest cent) $ 5400 78 The executive then changes the deposits in order to have a total of $400,000 after 25 total years. What should be the revised monthly payment in order to meet the $400,000 goal? (Round your answer to the nearest cent), $ 577.21 How much interest is earned during the 25 years? $ 226038.32X A young executive deposits $100 at the end of each month for 4 years into an account that earns 6% compounded monthly. How much is in the account after the 4 years? (Round your answer to the nearest cent) $ 5409.78 The executive then changes the deposits in order to have a total of $400,000 after 25 total years. What should be the revised monthly payment in order to meet the $400,000 goal? (Round your answer to the nearest cent). $ 577.21 X How much interest is earned during the 25 years? $ 226038.32 X
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
