What is the total amount in an account that has had $45 per month added into it for 30 years and grew with an annual interest rate of 8%?

Given:

monthly balance = 45

term = 30 years

annual interest rate = 8%

Simple Interest = Principal x rate x term

Principal = 45 x 12 months = 540

Simple Interest = 540 x. 08 x 30 = 1,296 Interest Earned for 30 years.

Total balance = Principal + Simple Interest

= 540 + 1,296

Total balance = 1,836