Question

Suppose you deposit $100 each period into an account that has an APR of 15%, based on monthlycompounding. How much will you have in the account after 35 years?

Answer 1

- Periodic deposit into account is $100 each period based on monthlycompounding

Calculating the Future Value after 35 years:-

Where, C= Periodic Payments = $100

r = Periodic Interest rate = 15%/12 = 1.25%

n= no of periods = 35 years*12 = 420

Future Value = $1,467,718.01

So, amount you have in the account after 35 years is $1467,718.01

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