Suppose that you earn $39,600 per year. What is your monthly salary? $ 3300 Assume that you deposit 10% of your monthly salary into an investment account with an APR of 4.3% every month for 30 years. We will assume for simplicity that your salary never changes, so you are depositing the same amount every month for 30 years. What will the balance of your investment account be after 30 years? Round your answer to the nearest cent. The balance of the account is $( How much of the investment account balance is interest? The amount of interest in the account is $
Suppose that you earn $39,600 per year. What is your monthly salary? $ 3300 Assume that you deposit 10% of your monthly salary into an investment account with an APR of 4.3% every month for 30 years. We will assume for simplicity that your salary never changes, so you are depositing the same amount every month for 30 years. What will the balance of your investment account be after 30 years? Round your answer to the nearest cent. The balance of the account is $( How much of the investment account balance is interest? The amount of interest in the account is $
Chapter9: Sequences, Probability And Counting Theory
Section9.4: Series And Their Notations
Problem 62SE: Rachael deposits $1500 into a retirement fund each year. The fund earns 8.2% annual interest,...
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![Suppose that you earn $39,600 per year. What is your monthly salary?
$ 3300
Assume that you deposit 10% of your monthly salary into an investment account with an APR of 4.3% every month for 30 years.
We will assume for simplicity that your salary never changes, so you are depositing the same amount every month for 30 years.
What will the balance of your investment account be after 30 years? Round your answer to the nearest cent.
The balance of the account is $ (
How much of the investment account balance is interest?
The amount of interest in the account is $](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F6ff1e1a6-fca9-4702-b79f-be6d4491abfa%2F51eff62c-275a-46cb-921f-5abe49a706f4%2Fh0axdo_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Suppose that you earn $39,600 per year. What is your monthly salary?
$ 3300
Assume that you deposit 10% of your monthly salary into an investment account with an APR of 4.3% every month for 30 years.
We will assume for simplicity that your salary never changes, so you are depositing the same amount every month for 30 years.
What will the balance of your investment account be after 30 years? Round your answer to the nearest cent.
The balance of the account is $ (
How much of the investment account balance is interest?
The amount of interest in the account is $
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