Mathematics, 05.05.2020 00:18 mantooth
Deposit $100 a month for twenty years into an account with an annual rate of 5% compounded monthly. i. How much money will you have in 20 years? ii. How much interest will you make in 20 years? b) Wait ten years then start depositing $200 a month for ten years into an account with an annual rate of 5% compounded monthly. i. How much money will you have? ii. How much will you make in interest? c) In the second scenario what amount needs to be deposited in order to have the same amount after the ten years as you did in part “a”.
Answers: 2
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Deposit $100 a month for twenty years into an account with an annual rate of 5% compounded monthly....
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