You plan to save $370 per month starting today for the next 46 years "just to start the month off right." You feel that you can earn an interest rate of 9.7 percent compounded monthly. How much will there be in the account 46 years from today

You plan to save $370 per month starting today for the next 46 years at an interest rate of 9.7% will be $791046.3155

Explanation:

Rate = 9.7% / 12 = 0.808333%

Number of periods = 30 * 12 = 360

Future value = ( 1 + r) * Monthly payments * [ ( 1 + r)n - 1] / r

Future value = ( 1 + 0.00808333) * 370 * [ ( 1 + 0.00808333)360 - 1] / 0.00808333

Future value = 1.00808333 * 370 * 2,120.819723

Future value = $791046.3155

answer; burned it;

credit history is used by lenders to determine whether you are a 'risky' person to give their money to.

having a short history provide very little data for the lenders. they wouldn't be able to determine your credit behavior from such a small samples. even if they are perfect.

having long credit history with few blemishes provide larger and more accurate data for the lenders to predict your credit behavior.