You deposit $400 at the end of each month into an account earning 7% interest compounded monthly.

Intermediate Algebra
19th Edition
ISBN:9780998625720
Author:Lynn Marecek
Publisher:Lynn Marecek
Chapter2: Solving Linear Equations
Section2.2: Use A Problem Solving Strategy
Problem 2.53TI: Eduardo noticed that his new car loan papers stated that with a 7.5% simple interest rate, he would...
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You deposit $400 at the end of each month into an account earning 7% 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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