You deposit $1,900 at the end of each year into an account paying 10.1 percent interest.
1) How much money will you have in the account in 24 years?
2) How much will you have if you make deposits for 48 years?
Check out this website http://www.thecalculatorsite.com/finance/calculators/compoundinterestcalculator.php
Entering Base amount: 0 , annual interest rate: 10.1% , calculation period: 24 years , regular monthly: $158.33 (1900/12) , compound interval: yearly
2) Changing calculation period to 48 years we get $1,989,339.23
I don't think your answers are right cuz none of them in choices!
Maybe it's a problem with the base amount, if I change the base amount to $1,900 for the 24 years I get $198,882.92, is that close to anything on the answers?
Huh well I'm not sure then, sorry about that I'm not really a finance guy just knew about those online calculators.
Thank you for trying
Content will be erased after question is completed.
Enter the email address associated with your account, and we will email you a link to reset your password.
Forgot your password?