Question

Deposits of ​$350 per month are put into an investment plan that pays an APR of 6.5​%. How much money will be in the plan after 22 ​years?

A total of $ will have been paid into the account over 22 years and after the 22 years, the account will have a balance of $

Answer 1

The amount of money after 22 years will be calculated using the formula:
A=p(1+r/100)^n
where:
p=$350
r=6.5%
n=22 years
thus'
A=350(1+6.5/100)^22
A=$1,398.8

This means that a total of (1,398.8-350)=$1048.81, the account will have a balance of $1,398.8 after 22 years.