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. You deposit $200 each month into an account earning 3% interest compounded monthly for 30 years. a. How much total money will you have invested in the account? b. How much will you have in the account? c. How much total interest will you have earned?

Respuesta :

Total amount after 30 years is given by :

[tex]A=\dfrac{d((1+\dfrac{r}{k})^{Nk}-1}{\dfrac{r}{k}}[/tex]

[tex]A=\dfrac{200((1+\dfrac{0.03}{12})^{30\times 12}-1}{\dfrac{0.03}{12}}\\\\\\A=\$116547.38[/tex]

Now, total money deposited, T = 200×30×12 = $72000  .

Therefore, we have around $116547.38 in our account and total interest earned is $72000 .

Hence, this is the required solution.

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