At age 30, Julio starts a retirement account. He deposits $145 at the end of each month in an account that earns an APR of 3%. How much will be in the account when he retires 35 years later at age 65? Write the formula used. Show the values substituted into the formula. Calculate the result. Round your answer to the nearest whole cent. Calculate the amount that Julio deposited into the account during the 35 years. What percent of the accumulated balance is made up of interest? Round to the nearest whole percent.
Unitary Method
The word “unitary” comes from the word “unit”, which means a single and complete entity. In this method, we find the value of a unit product from the given number of products, and then we solve for the other number of products.
Speed, Time, and Distance
Imagine you and 3 of your friends are planning to go to the playground at 6 in the evening. Your house is one mile away from the playground and one of your friends named Jim must start at 5 pm to reach the playground by walk. The other two friends are 3 miles away.
Profit and Loss
The amount earned or lost on the sale of one or more items is referred to as the profit or loss on that item.
Units and Measurements
Measurements and comparisons are the foundation of science and engineering. We, therefore, need rules that tell us how things are measured and compared. For these measurements and comparisons, we perform certain experiments, and we will need the experiments to set up the devices.
- At age 30, Julio starts a retirement account. He deposits $145 at the end of each month in an account that earns an APR of 3%.
- How much will be in the account when he retires 35 years later at age 65?
- Write the formula used.
- Show the values substituted into the formula. Calculate the result. Round your answer to the nearest whole cent.
- Calculate the amount that Julio deposited into the account during the 35 years.
What percent of the accumulated balance is made up of interest? Round to the nearest whole percent.
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