Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Assume you put $500 per month into a retirement account for 12 years, and the account has an APR of 3.01% compounded monthly. What is

Assume you put $500 per month into a retirement account for 12 years, and the account has an APR of 3.01% compounded monthly. What is the account balance at the end of the 12 years? Round your answer to the nearest cent. $ 87308.88. How much of the money in the account at the end of the 12 years is your personal investment, meaning that the money came directly from you? $ 72000

How much of the money in the account at the end of the 12 years is interest? $What percentage of the account balance after 12 years is interest? Hint: The percentage of interest in the account is equal to the amount of the account balance that is interest divided by the base account balance. Multiply that result by 100 to get a percentage. Round your percentage to one decimal place. %

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Analysis For Financial Management

Authors: Robert C Higgins

8th International Edition

0071257063, 9780071257060

More Books

Students also viewed these Finance questions