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You deposit $100 each month into an account earning 5% interest compounded monthly. A) How much will you have in the account in 15 years? b) How much total money will you put into the account? c) How much
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10 votes
10 votes
You deposit $100 each month into an account earning 5% interest compounded monthly.

A) How much will you have in the account in 15 years?
b) How much total money will you put into the account?
c) How much total interest will you earn?

User RichieHH
by
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1 Answer

21 votes
21 votes

Answer: 100 x 1.05^(15x12) = $651739.184097

Explanation:

User Kimberely
by
3.0k points
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