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If you deposit $5000 at the end of each year for 30 years using an annual interest rate of 9% compounded annually, how much money will you have after 30 years?

If you deposit $5000 at the end of each year for 30 years using an annual interest rate of 9% compounded annually, how much money will you have after 30 years?
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If you deposit $5000 at the end of each year for 30 years using an annual interest rate of 9% compounded annually, how much money will you have after 30 years?

User AlexGIS
by
7.3k points

1 Answer

7 votes
$163,500

5000(0.09) x 30 = 13,500
5000 x 30 = 150,000
Altogether 163,500
User Erik Nomitch
by
7.2k points
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