You deposit $400 at the end of each month into an account earning 3.7% interest compounded monthly. a) How much will you have in the account in 30 years? P/Y =   C/Y =   N =   I/Y = % PV = $   PMT = $   FV = $ (round to the nearest cent) b) How much will be the total amount of money deposited into the account after 30 years? Total Deposited = $ (enter a positive value) c) How much total interest will you earn? Total Interest= $ (enter a positive value, and round to the nearest cent)

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Effective Interest Rate

The term interest rate can be defined as the amount that is charged by the lender as a percentage on the principal amount. Interest rate which is charged annually is known as annual percentage rate.