A young executive deposits $300 at the end of each month for 4 years into an account that earns 7.2% compounded monthly. How much is in the account after the 4 years? (Round your answer to the nearest cent).
The executive then increases the deposits in order to have a total of $400,000 after 25 total years. How much additional money is still needed in order to meet the $400,000 goal? (Round your answer to the nearest cent).
How many dollars of interest will the amount in his account after 4 years make during the 4th year to the 25th year?
How much should each new deposit be in order to have a total of $400,000 after 25 total years? (Round your answer to the nearest cent).
3 answers