Answered

Get reliable answers to your questions at Westonci.ca, where our knowledgeable community is always ready to help. Discover in-depth solutions to your questions from a wide range of experts on our user-friendly Q&A platform. Connect with a community of professionals ready to provide precise solutions to your questions quickly and accurately.

What is the total amount in an account that has had $45 per month added into it for 30 years and grew with an annual interest rate of 8%?

Sagot :

Given:
monthly balance = 45
term = 30 years
annual interest rate = 8%

Simple Interest = Principal x rate x term

Principal = 45 x 12 months = 540

Simple Interest = 540 x .08 x 30 = 1,296 Interest Earned for 30 years.

Total balance = Principal + Simple Interest
                      = 540 + 1,296 
Total balance = 1,836

We appreciate your visit. Hopefully, the answers you found were beneficial. Don't hesitate to come back for more information. We hope this was helpful. Please come back whenever you need more information or answers to your queries. We're glad you chose Westonci.ca. Revisit us for updated answers from our knowledgeable team.