Question

If I have 100 thousand dollars in account and will add 800 dollars a month to the account plus I get 5% annual interest how much will I have in 10 years

Answer 1

Explanation:

To calculate the future value of your account after 10 years, we can use the formula for compound interest:

FV = PV * (1 + r/n)^(n*t)

where:

FV is the future value of the account

PV is the present value of the account (in this case, $100,000)

r is the annual interest rate (in this case, 5%)

n is the number of times interest is compounded per year (assuming monthly compounding, n=12)

t is the number of years (in this case, 10)

Using this formula, we can calculate the future value of your account after 10 years:

FV = 100000 * (1 + 0.05/12)^(1210) + 80012*10

FV = $146,912.45

Therefore, after 10 years, with $100,000 initial investment, adding $800 per month and an annual interest rate of 5%, you will have approximately $146,912.45 in your account.