Question

You deposit $400 each month into an account earning 3% 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?


$

Answer 1

3% means 1.03 per year

multiplier 1.03

After 30 years

400 x[ (1.03) 30 times] = $970.91