09-12-2021
Mathematics

contestada

You deposit $300 each month into an account earning 4% interest compounded monthly. How much will you have in the account in 35 years and how much total interest will you earn?

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Аноним Аноним

11-12-2021

Answer:

Step-by-step explanation:

FV = PMT [((1 + r)ⁿ - 1) / r]

PMT = $300

r = 0.04/12

n = 35(12) = 420

FV = $300 [((1 + (0.04/12))⁴²⁰ - 1) / (0.04/12)] = $274,119.28

I = $274,119.28 - 300(420) = $148,119.28

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