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You deposit $100 each month into an account earning 5% interest compounded monthly. A) How much will you have in the account in 15 years? b) How much total money will you put in…

You deposit $100 each month into an account earning 5% interest compounded monthly. A) How much will you have in the account in 15 years? b) How much total money will you put in…
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You deposit $100 each month into an account earning 5% interest compounded monthly.

A) How much will you have in the account in 15 years?
b) How much total money will you put into the account?
c) How much total interest will you earn?

asked
User Jeff Hubbard
by
8.4k points

1 Answer

7 votes

Answer: 100 x 1.05^(15x12) = $651739.184097

Explanation:

answered
User Thaadikkaaran
by
8.5k points
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