You deposit $100 each month into an account earning 8% interest compounded monthly. a) How much will you have in the account in 15 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 15 years? b) How much total money will you put into the account? c) How much total interest will you earn?

EBK CFIN

6th Edition

ISBN:9781337671743

Author:BESLEY

Publisher:BESLEY

Chapter4: Time Value Of Money

Section: Chapter Questions

Problem 14PROB

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You deposit $100 each month into an account earning 8% interest compounded monthly.
a) How much will you have in the account in 15 years?
b) How much total money will you put into the account?
c) How much total interest will you earn?
Question Help: D Video 1 D Video 2
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