Suppose you invest $150 a month for 5 years into an account earning 8% compounded monthly. After 5 years, you leave the money, without making additional deposits, in the account for another 21 years. How much will you have in the end?

Question

Kaden

Mathematics

21 December, 08:51

Suppose you invest $150 a month for 5 years into an account earning 8% compounded monthly. After 5 years, you leave the money, without making additional deposits, in the account for another 21 years. How much will you have in the end?

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Answers (1)

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Arjun Wang · Answer 1

The first five years you will have 9,720 the account earning at 8% will give you 12 dollars for every 150 a month. After five years the 9,720 without no additional deposits at the 8% monthly rate will give you 777.6 monthly at the end of the next twenty one years you will have a total of 2,645,395.2 dollars. your welcome!