Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Suppose that you earn $40,800 per year. What is your monthly salary? $ 3400 Assume that you deposit 10% of your monthly salary into an
Suppose that you earn $40,800 per year. What is your monthly salary? $ 3400 Assume that you deposit 10% of your monthly salary into an investment account with an APR of 4.8% every month for 30 years. We will assume for simplicity that your salary never changes, so you are depositing the same amount every month for 30 years. What will the balance of your investment account be after 30 years? Round your answer to the nearest cent. The balance of the account is $ 444440.61 x How much of the investment account balance is interest? The amount of interest in the account is $
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