juanabanuelos2p239fz
juanabanuelos2p239fz juanabanuelos2p239fz
  • 11-05-2018
  • Mathematics
contestada

if you invest $100 a month into a retirement account paying 6% interest compounded monthly, how much will you have after 35 years?

Respuesta :

TheBreeze
TheBreeze TheBreeze
  • 13-05-2018
Here's the equation for one year:
0.06(100) + 100
But because it is 35 years:
35(0.06(100)) + 100
2.1(100) + 100
We can make it simpler:
3.1(100)
310
You will have $310
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