Question

What is the total amount in an account that has had $35 per month added into it for 30 years and grew with an annual interest rate of 7%?

Answer 1

The formula of the future value of annuity ordinary is
Fv=pmt [(1+r/k)^(kn)-1)÷(r/k)]
Fv future value?
PMT monthly payment 35
R interest rate 0.07
K compounded monthly 12 because the payment is monthly
N time 30 years

Fv=35×(((1+0.07÷12)^(12×30)
−1)÷(0.07÷12))
=42,698.98