You deposit $$100$ each month into an account earning $6\%$ interest compounded monthly. You should show your work for this problem.

a$)$ How much will you have in the account in $15$ years?

$$

To find the amount of interest earned on an account with multiple deposits, we use the formula:

$I=FV-PV,$ where $PV=$ Total amount deposited $=PMT*n.$ Part b will aske for the total amount deposited, while part c will ask for the interest earned.

b$)$ How much total money will you put into the account?

$$

c$)$ How much total interest will you earn?

$$

If you choose to watch the video that accompanies this video, be aware that the variable notations are slightly different than the ones used in our text. The person does use a graphing calcualtor to calculate the answer, we are not using graphing calculators in the class but how they enter the information is pretty uniform for most scientific calculators. Be very aware of the use of parentheses.