Assume you put $400 per month into a retirement account for 14 years, and the account has an APR of 3.01%% compounded monthly. What is the account balance at the end of the 14 years? Round your answer to the nearest cent. How much of the money in the account at the end of the 14 years is your personal investment, meaning that the money came directly from you? How much of the money in the account at the end of the 14 years is interest? What percentage of the account balance after 14 years is interest? Hint: The percentage of interest in the account is equal to the amount of the account balance that is interest divided by the base account balance. Multiply that result by 100 to get a percentage. Round your percentage to one decimal place.

Assume you put $400 per month into a retirement account for 14 years, and the account has an APR of 3.01%% compounded monthly. What is the account balance at the end of the 14 years? Round your answer to the nearest cent. How much of the money in the account at the end of the 14 years is your personal investment, meaning that the money came directly from you? How much of the money in the account at the end of the 14 years is interest? What percentage of the account balance after 14 years is interest? Hint: The percentage of interest in the account is equal to the amount of the account balance that is interest divided by the base account balance. Multiply that result by 100 to get a percentage. Round your percentage to one decimal place.

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter11: Capital Budgeting Decisions

Section: Chapter Questions

Problem 3PB: Use the tables in Appendix B to answer the following questions. A. If you would like to accumulate...

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