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 until your 51st birthday (30 years), How much money is in your account? How much of it is interesting? Show solution. (Future value with regular contributions, future value of a series)

Correct answer:

x =  745179.7243
i =  565179.7243

Step-by-step explanation:

PMT=500 r=8%=1008=252=0.08 n=12 t=30  q=r/n=252/12=25 122=3002=15010.0067 m=n t=12 30=360  x=PMT q(1+q)m1=500 1501(1+1501)3601=745179.72437.452105
i=xm PMT=156116248037360 500=565179.72435.652105



Did you find an error or inaccuracy? Feel free to write us. Thank you!







Tips for 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: