Question

You put $300 at the end of each month in an investment plan that pays an apr of 7%. How much will you have after 18 years?

Answer 1

To solve this, write an equation.

300 is your starting balance, add this to your equation.

300

You get 7% more each year, but you can't multiply by 7% because that will make it decrease by 93%. You have at add 1 to 7%.

300(1.07)

Lastly, the 18 variable for the years.

300(1.07)^18

Solve the equation and get $1013.97968 or $1013.98

Answer 2

$129,216.31; $64,800