Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

If you deposit $200 every month into an account which pays 3.6% interest, compounded monthly, how much money will you have in your account after

If you deposit $200 every month into an account which pays 3.6% interest, compounded monthly, how much money will you have in your account after 10 years? Round your answer to the nearest whole dollar.

Suppose you were to deposit a lump sum today, instead of making monthly deposits. How much would you need to deposit today in order to end up with the same amount in the account? Round your answer here to the nearest whole dollar.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Students also viewed these Finance questions