You deposit $100 each month into an account earning 2% 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? $
Added by Cindy W.
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02/12), n is the number of times the interest is compounded per year (12), and t is the number of years (30). FV = 100 * (((1 + 0.02/12)^(12*30) - 1) / (0.02/12)) FV ≈ 100 * (1.819151) FV ≈ $66,439.89 So, in 30 years, you will have approximately $66,439.89 in the Show more…
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