Question: Suppose that you earn $ 3 9 , 6 0 0 per year. What is your monthly salary? $ 3 3 0 0 Assume that

Suppose that you earn $39,600 per year. What is your monthly salary?
$
3300
Assume that you deposit 10% of your monthly salary into an investment account with an APR of 4.3% every month for 30 years. We will assume for simplicity that your salary never changes, so you are depositing the same amount every month for 30 years.
What will the balance of your investment account be after 30 years? Round your answer to the nearest cent.
The balance of the account is $
How much of the investment account balance is interest?
The amount of interest in the account is $

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Finance Questions!

Q:

IN EXCEL: Labran Jones has played for the Cleveland professional basketball team for the past eight seasons and has established himself as one of the top players in the league. He has recently become...

Q:

1. An organization would like to expand a large piece of equipment in their factory that would help make the process more efficient in the future. If they are able to invest $400,000 for an initial...

Q:

could you please answer part D and E: (15pts) Answer the questions below based on the page mappings shown below. Note that this is a logical representation of the contents of multiple page tables....

Q:

[ The following information applies to the questions displayed below. ] Washington County s Board of Representatives is considering the construction of a longer runway at the county airport....

Q:

Need Assistance with questions and how to use a financial calculator to solve the questions 1. Holding-Period Returns a. Last year Marla purchased 100 shares of stock for $ 8 per share. She paid a...

Q:

I need answers for all the questions on this practice final exam. I've attached the file. David A. Dittman, Financial Accounting Question Sheet HA 121 Final Exam Name:...

Q:

16. Application of Time Value of Money Skills Nick Nohitter has been playing baseball since he was five years old and has always dreamed of playing in the big leagues. Last season, he was a starting...

Q:

can someone please help answer these questions A,B,C,D,E,F,G,H or at least a few of these questions. thankyou. i have uploaded tax tables (UK) and other images to help. if i need to upload anything...

Q:

Use the below information to complete the financial position statement. Information Given: Name Statement of Financial Position As of December 31, 20XX Assets Liabilities Cash & Cash Equivalents...

Q:

1. What is leverage? 2. What are the two major types of leverage? Define each. 3. When does it make the most sense to have high leverage? 4. Assume that you can invest $50,000 for one year in a...

Q:

hello i need calculations and explanations on the below assignments Case 10 The Mayfield Case A RETIREMENT PLANNING MINI-CASE Peter and Ann Mayfield, both age 52, recently sought your help in...

Q:

Mr. Simon is considering the expansion of his business. He wants to produce additional fruit-base pies: lemon, strawberry and cherry. The selling prices of these pies are set in terms of the apple...

Q:

On June 1, 2019, Norm leases a taxi and places it in service. The lease payments are $1,000 per month. Assuming the dollar amount from the IRS table for such leases is $241, determine Norm's gross...

Q:

does section 1 9 9 A apply to c corps?

Q:

Puget Sound Divers is a company that provides diving services such as underwater ship repairs to clients in the Puget Sound area. The company's planning budget for May appears below: Puget Sound...