Deposits of $350 per month are put into an investment plan that pays an APR of 6.5 %. How much money will be in the plan after 22 years?

A total of $ will have been paid into the account over 22 years and after the 22 years, the account will have a balance of $

Question

Mathematics

Tanya Fritz

22 July, 01:15

Deposits of $350 per month are put into an investment plan that pays an APR of 6.5 %. How much money will be in the plan after 22 years?

A total of $ will have been paid into the account over 22 years and after the 22 years, the account will have a balance of $

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Answers (1)

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Danielle Mcintosh · Answer 1

The amount of money after 22 years will be calculated using the formula:

A=p (1+r/100) ^n

where:

p=$350

r=6.5%

n=22 years

thus'

A=350 (1+6.5/100) ^22

A=$1,398.8

This means that a total of (1,398.8-350) = $1048.81, the account will have a balance of $1,398.8 after 22 years.

Deposits of $350 per month are put into an investment plan that pays an APR of 6.5 %. How much money will be in the plan after 22 years?A total of $ will have been paid into the account over 22 years and after the 22 years, the account will have a balance of $

Deposits of $350 per month are put into an investment plan that pays an APR of 6.5 %. How much money will be in the plan after 22 years?

A total of $ will have been paid into the account over 22 years and after the 22 years, the account will have a balance of $