Answer:
$1947.57
Step-by-step explanation:
To find out how much money you'll have in 35 years with monthly compounding interest, we use the formula for compound interest:
A = P * (1 + (r/n))^(nt)
Given:
P = 300 (monthly deposit)
r = 4% = 0.04 (annual interest rate)
n = 12 (monthly compounding)
t = 35 years
Plugging in these values, we get:
A ≈ 300 * 6.4919
A ≈ 1947.57
So, after 35 years of monthly deposits, you'll have approximately $1947.57 in the account.
