Question
Suppose you save $1,000 per month for 35 years. The bank promises you an annual interest rate of 3% compounded monthly. How much will the
Suppose you save $1,000 per month for 35 years. The bank promises you an annual interest rate of 3% compounded monthly. How much will the savings account be worth in 35 years? (Assume no withdrawals take place).
420,000.00
$741,563.66
$913,730.94
$1,523,212.27
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Focus On Personal Finance
Authors: Jack Kapoor, Les Dlabay, Robert J. Hughes, Melissa Hart
7th Edition
1265521972, 978-1265521974
