Use the savings plan formula to answer the following question. You put $400 per month in an investment plan that pays an APR of 2.5%. How much money will you have after 24 years? Compare this amount to the total deposits made over the time period. ………. After 24 years the investment plan will contain $ (Do not round until the final answer. Then round to the nearest cent as needed.)

Use the savings plan formula to answer the following question. You put $400 per month in an investment plan that pays an APR of 2.5%. How much money will you have after 24 years? Compare this amount to the total deposits made over the time period. ………. After 24 years the investment plan will contain $ (Do not round until the final answer. Then round to the nearest cent as needed.)

Algebra and Trigonometry (MindTap Course List)

4th Edition

ISBN:9781305071742

Author:James Stewart, Lothar Redlin, Saleem Watson

Publisher:James Stewart, Lothar Redlin, Saleem Watson

Chapter13: Sequences And Series

Section13.4: Mathematics Of Finance

Problem 16E

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