Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Suppose you invest $120.00 a month for 6 years into an account earning 8% compounded monthly. How much money will you have in your account

image text in transcribed
Suppose you invest $120.00 a month for 6 years into an account earning 8% compounded monthly. How much money will you have in your account at the end of 6 years? You will have | $11,043.04 v o in your account at the end of 6 years. After 6 years, you leave the money, without making additional deposits, in the account for another 27 years. How much will you have in the end? If you leave the money in your account (without any more deposits) then you will have $88,212.47 X | after another 27 years. Question Help: []Video 1 [] Video 2 Submit

Step by Step Solution

There are 3 Steps involved in it

Step: 1

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_2

Step: 3

blur-text-image_3

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

Schaums Easy Outline College Algebra

Authors: Murray Spiegel ,Robert Moyer

1st Edition

0070527091, 978-0070527096

More Books

Students also viewed these Mathematics questions

Question

7. LO.1, 2 Interpret this Regulation citation: Reg. 1.16310(a)(2).

Answered: 1 week ago