# 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 result: x = 745179.7243 i = 565179.7243 #### Solution: We would be pleased if you find an error in the word problem or inaccuracies and send it to us. Thank you! Showing 0 comments: 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?
• If you 2
If you deposit $4000 into an account paying 9% annual interest compounded monthly, how long until there is$10000 in the account?
• Present value
A bank loans a family $90,000 at 4.5% annual interest rate to purchase a house. The family agrees to pay the loan off by making monthly payments over a 15 year period. How much should the monthly payment be in order to pay off the debt in 15 years? • Semiannually compound interest If you deposit$5000 into an account paying 8.25% annual interest compounded semiannually, how long until there is $9350 in the account? • If you 4 If you deposit$2500 in an account paying 11% annual interest compounded quarterly, how long until there is the $4500 in the account? • How much 2 How much money would you need to deposit today at 5% annual interest compounded monthly to have$2000 in the account after 9 years?
• Suppose 3
Suppose that a couple invested Php 50 000 in an account when their child was born, to prepare for the child's college education. If the average interest rate is 4.4% compounded annually, a, Give an exponential model for the situation b, Will the money be
• If you 3
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• Two years
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• Bank
Paul put 10000 in the bank for 6 years. Calculate how much you will have in the bank if he not pick earned interest or change deposit conditions. The annual interest rate is 3.5%, and the tax on interest is 10%.