Patel Peters
10/14/2024 · Junior High School
You deposit \( \$ 500 \) each month into an account earning \( 6 \% \) interest compounded monthly. a) How much will you have in the account in 20 years? b) How much total money will you put into the account? c) How much total interest will you earn? \( \$ \)
Upstudy ThothAI Solution
Tutor-Verified Answer
Quick Answer
a) After 20 years, the account will have approximately \$231,080.
b) The total money deposited over 20 years will be \$120,000.
c) The total interest earned will be approximately \$111,080.
Step-by-step Solution
Answered by UpStudy AI and reviewed by a Professional Tutor
UpStudy ThothAI
Self-Developed and Ever-Improving
Thoth AI product is constantly being upgraded and optimized.
Covers All Major Subjects
Capable of handling homework in math, chemistry, biology, physics, and more.
Instant and Accurate
Provides immediate and precise solutions and guidance.
Try Now
Ask Tutors
Ask AI
10x
Fastest way to Get Answers & Solutions
By text
Enter your question here…
By image
Re-Upload
Submit