Question
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
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started