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12 May, 06:41

Suppose you invest $50 a month in an annuity that earns 4.8% APR compounded monthly. How much money will you have in this account after 10 years?

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  1. 12 May, 06:58
    0
    Answer: $6,288

    Step-by-step explanation:

    $50x12 = $600

    4.8x600 = 2280

    2280/100 = $28.80

    600+28.80 = 628.80

    628.80x10 (10 years) = $6,288

    You're gonna get a $288 profit in the course of 10 years.
  2. 12 May, 10:37
    0
    6288 from the TVM calculator
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