Suppose you invest $50 a month in an annuity that earns 4.8% APR compounded monthly. How much money will you have in this account after 10 years?

Question

asked Jul 3, 2020 61.9k views

2 Answers

Jden · Answer 1 · 2020-07-07T19:48:29+0000

Answer: $6,288

Step-by-step explanation:

$50x12 = $600

4.8x600 = 2280

2280/100 = $28.80

600+28.80 = 628.80

628.80x10 (10 years) = $6,288

You're gonna get a $288 profit in the course of 10 years.