3000 [ 1.07^35 - 1 ] / 0.07
= 3000 [ 10.68 -1] /.07
= 3000 * 138
= 414,710.64
You deposit $3000 each year into an account earning 7% interest compounded annually. How much will you have in the account in 35 years?
2 answers
You deposit $3000 each year into an account earning 5% interest compounded annually. How much will you have in the account in 30 years?