Question

You deposit $100 each month into an account earning 3% interest compounded monthly a) How much will you have in the account in 20 years? 1) b) How much total money will you put into the account? 1) arī T) c) How much total interest will you earn? an Get hetlp Video Video Points availiable on this attempe: 0.9 of original 1 Unlimized actempeS Score on last actempt 0.0.0), Score in gracebookc (0, Q.O1 Out of (0. 33 0.33,0.34) Submit

Answer 1

As question is silent whether deposit are made in beginning of month or end of month. Hence, calculation are made for both. Generally, deposit are made in beginning of month.

Please refer below spreadsheet for calculation and answer.

formula reference