# Savings

Suppose on your 21st birthday you begin making monthly payments of $500 into an account that pays 8% compounded monthly. If you continue the payments untill your 51st birthday (30 years), How much money will be in your account? How much of it is interest? Show solution. (Future value with regular contributions, future value of a series) ### Correct answer: x = 745179.7243 i = 565179.7243 ### Step-by-step explanation: Did you find an error or inaccuracy? Feel free to write us. Thank you! Tips to related online calculators Do you want to convert time units like minutes to seconds? #### You need to know the following knowledge to solve this word math problem: ## Related math problems and questions: • Future value Suppose you invested$1000 per quarter over a 15 years period. If money earns an anual rate of 6.5% compounded quarterly, how much would be available at the end of the time period? How much is the interest earn?
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