Monday
September 22, 2014

Homework Help: algebra

Posted by beech on Tuesday, October 11, 2011 at 10:01am.

1. Suppose Mary deposits $200 at the end of each month for 30 years into an account that pays 5% interest compounded monthly.


a. How much total money will she have in the account at the end?

b. How much total money did Mary actually deposit?

c. How much total interest did the account earn over that period?

d. Suppose instead of making monthly deposits, Mary decides to deposit a “lump sum” into the account. How much must she deposit? What is this value also called?

Answer this Question

First Name:
School Subject:
Answer:

Related Questions

algebra - Suppose Mary deposits $200 at the end of each month for 30 years into ...
Finite Math and Applied Calculus - Betty Sue sets up a retirement account. For ...
annuities..math - Anne Thorne deposits $100 at the end of each month into her ...
Math - Mary B deposits $8500 into a savings account, compounded monthly at a ...
Math - At the end of each quarter, a 50-year-old woman puts $3000 in a ...
Calc - A person deposits money into a retirement account, which pays 7% interest...
Math - The winner of a popular lottery is offered one of two options: i) a lump ...
Compound math - (Future Value) Suppose you invest $8000 into an account that ...
geometry - A person deposits $500.00 into a savings account and pays 5% annual ...
finite math - in order to accumulate enough money for a down payment, a couple ...

Search
Members