Answered step by step
Verified Expert Solution
Question
1 Approved Answer
ssume you put $ 3 0 0 per month into a retirement account for 1 3 years, and the account has an APR of 3
ssume you put $ per month into a retirement account for years, and the account has an APR of compounded monthly.
What is the account balance at the end of the years? Round your answer to the nearest cent.
$
How much of the money in the account at the end of the years is your personal investment, meaning that the money came directly from you?
$
How much of the money in the account at the end of the years is interest?
$
What percentage of the account balance after 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 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