Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

If you save 8 hundred dollars per month in a bank account that earns a 8% interest rate (compounded monthly) for 30 years, how

 

If you save 8 hundred dollars per month in a bank account that earns a 8% interest rate (compounded monthly) for 30 years, how much will be in your account in 30 years time? (Please use at least 5 decimal places and do not use $ symbol in the answer)

Step by Step Solution

3.34 Rating (151 Votes )

There are 3 Steps involved in it

Step: 1

To calculate the future value of the savings account after 30 years ... 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

Document Format ( 2 attachments)

PDF file Icon
663ddabe7da06_961609.pdf

180 KBs PDF File

Word file Icon
663ddabe7da06_961609.docx

120 KBs Word File

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

Principles of Finance

Authors: Scott Besley, Eugene F. Brigham

6th edition

9781305178045, 1285429648, 1305178041, 978-1285429649

More Books

Students also viewed these Finance questions