Question

You deposit $1000 at the end of each month in an account that pays a 3%...

You deposit $1000 at the end of each month in an account that pays a 3% interest rate compounded monthly.

1. How much will be in the account after 10 years? 2. What was your total contributions? 3. How much interest did you earn?

Please print clearly. thanks!

Homework Answers

Answer #1

1. Amount after 10 years= 139741.42

2. Your contribution = 120000

3.interest earned = 19741.42

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....
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...
If you deposit $1000 per month into an investment account that pays interest at a rate...
If you deposit $1000 per month into an investment account that pays interest at a rate of 6% per year, compounded quarterly, how much will be in the account at the end of 5 years? a) Solve the question under the assumption that there is no inter-period compounding. b) Solve the question under the assumption that there is inter-period compounding.
Question No : 3 If you deposit 10 $ in an account, that pays 5% interest,...
Question No : 3 If you deposit 10 $ in an account, that pays 5% interest, compounded annually, how much you will have at the end of 10 years? 50 years and 100 years How much will be in account at the end of 5 years the amount deposited today is 10,000 and interest is 8% per year, compounded semiannually? How much would I have to deposit in an account today that pays 12% interest, compounded quarterly, so that I...
1.) How much should you deposit at the end of each month into an investment account...
1.) How much should you deposit at the end of each month into an investment account that pays 8.5% compounded monthly to have 1 million when you retire in 35 years? 2.) How much of that 1 million comes from interest?
13. You deposit $100 at the end of each quarter in an account that pays 6%...
13. You deposit $100 at the end of each quarter in an account that pays 6% interest compounded quarterly. Find the balance in the account after 20 years, in correct units and rounded appropriately. How much of this balance is principal and how much is interest? Please spell these words correctly!
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...
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? $
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?
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?
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT