You deposit $100 each month into an account earning 8% interest compounded monthly. a) How much will you have in the account in 30 years? $ b) How much total money will you put into the account? $ c) How much total interest will you earn?

You deposit $100 each month into an account earning 8% interest compounded monthly. a) How much will you have in the account in 30 years? $ b) How much total money will you put into the account? $ c) How much total interest will you earn?

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter5: The Time Value Of Money

Section: Chapter Questions

Problem 25P

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Question

You deposit $100 each month into an account earning 8% interest compounded monthly.

a) How much will you have in the account in 30 years?

$

b) How much total money will you put into the account?

$

c) How much total interest will you earn?

$

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