You deposit $400 each month into an account earning 8% interest compounded monthly. a) How much...

  

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You deposit $400 each month into an account earning 8% interest compounded monthly. a) How much will you have in the account in 35 years? $ b) How much total money will you put into the account? $ c) How much total interest will you earn? You deposit $400 each month into an account earning 8% interest compounded monthly. a) How much will you have in the account in 35 years? $ b) How much total money will you put into the account? $ c) How much total interest will you earn?

Answer rating: 100% (QA)

To solve this problem we can use the formula for compound interest A P1 rnnt Where A the future value of the investmentloan including interest P the principal investment amount the initial deposit r t... View the full answer