Derek is investing in a 401(k) that promises 5.99% annual growth. He plans on investing $180 each month for 30 years (there is no employer matching). Excel calculates an overall account balance of $180,467.25. How much of Derek's balance is interest?

Derek is investing in a 401(k) that promises 5.99% annual growth. He plans on investing $180 each month for 30 years (there is no employer matching). Excel calculates an overall account balance of $180,467.25. How much of Derek's balance is interest?

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter4: Gross Income: Concepts And Inclusions

Section: Chapter Questions

Problem 55P

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