Question

You are 20 years old. You deposit $200 per month for 4 years into an account...

You are 20 years old. You deposit $200 per month for 4 years into an account paying 12 percent annual rate, compounded monthly. After that, you stop making any new deposits but leave the money in the account, earning the same rate. How much money will be in the account when you become 64 years old? A. $905,595 B. $1,452,785 C. $763,410 D. $1,354,505 E. $1,058,679 F. $1,213,776

Homework Answers

Answer #1

Answer B

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
1) You deposit $500 each month into an account earning 3% interest compounded monthly. a) How...
1) You deposit $500 each month into an account earning 3% interest compounded monthly. a) How much will you have in the account in 25 years? b) How much total money will you put into the account? c) How much total interest will you earn? 2) Suppose you invest $190 a month for 6 years into an account earning 7% compounded monthly. After 6 years, you leave the money, without making additional deposits, in the account for another 21 years....
suppose you invest $190 at the end of each month for 5 years into an account...
suppose you invest $190 at the end of each month for 5 years into an account earning 7% annual interest 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?
Suppose you invest $140 a month for 5 years into an account earning 6% compounded monthly....
Suppose you invest $140 a month for 5 years into an account earning 6% compounded monthly. After 5 years, you leave the money, without making additional deposits, in the account for another 26 years. How much will you have in the end?
For 20 years Jenny deposits $500 at the end of each month in an account earning...
For 20 years Jenny deposits $500 at the end of each month in an account earning 4.5% per year compounded monthly. How much will she have in the account in 20 years? How much interest did she earn in this 20 year period? for the next 25 years Jenny neither deposits nor withdraws any money while the account continues to earn 4.5% per year compounded monthly. How much does Jenny have in the account after these 25 years? How much...
"If you deposit $1400 per MONTH into an account that earns an ANNUAL nominal interest rate...
"If you deposit $1400 per MONTH into an account that earns an ANNUAL nominal interest rate of 11%, compounded monthly, how much money will you have in 10 years?"
You deposit $300 each month into an account earning 2% annual interest compounded monthly A. How...
You deposit $300 each month into an account earning 2% annual interest compounded monthly A. How much money will you have in your account in 35 years? B. How much total money will you put into the account ? C. How much total interest will you earn?
You deposit $500 each month into an account earning 4% interest compounded monthly. How much will...
You deposit $500 each month into an account earning 4% interest compounded monthly. How much will you have in the account in 30 years? How much total money will you put into the account? How much total intrest will you earn?
1) Lauren plans to deposit $200 per month into an account at the end of each...
1) Lauren plans to deposit $200 per month into an account at the end of each month for the next 15 years. If her back pays interest at the rate of 2.5% per year compounded monthly, how much will Lauren have in her account at the end of 15 years? 2) Jim makes monthly payments of $800 into a retirement account for ten years. If the account pays 8% compounded monthly, how much will be in the account at the...
You deposit $300 each month into an account earning 5% interest compounded monthly. a) How much...
You deposit $300 each month into an account earning 5% interest compounded monthly. a) How much will you have in the account in 30 years? $ b) How much total money will you put into the account? $ c) How much total interest will you earn? $
1. If you deposit $6,500 into an account paying 8% annual interest compounded monthly, how much...
1. If you deposit $6,500 into an account paying 8% annual interest compounded monthly, how much money will be in the account after 7 years? 2. If you deposit $5,000 into an account paying 6% annual interest compounded monthly, how long until there is $8,000 in the account? 3. At 3% annual interest compounded monthly, how long will it take to double your money?
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT