Answer :
Final answer:
The answer provides calculations for the future account value, total deposits, and total interest earned over 30 years.
Explanation:
a) How much will you have in the account in 30 years?
To calculate the future value of the account, we use the formula for compound interest: Future Value = P(1+r)^n, where P is the monthly deposit, r is the monthly interest rate, and n is the total number of compounding periods. Plugging in the values, we get a future value of approximately [tex]$256,530.88 after 30 years.
b) How much total money will you put into the account?
The total money put into the account can be calculated by multiplying the monthly deposit amount by the total number of months, which is 30 years 12 months. So, the total amount deposited will be $[/tex]144,000.
c) How much total interest will you earn?
To find the total interest earned, subtract the total amount deposited from the future value. Therefore, the total interest earned over 30 years will be $112,530.88.
Learn more about Compound Interest here:
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