# Math

posted by .

I need to figure out what a deposit of 3500 a month, with 9 percent intrest compounded monthly, would be in 6 years. Any help would be greatly appreciated.

• Math -

\$3500 * (1.0075)^72 = \$5,993.93

The balance is increased by a factor
1 + (0.09/12), each month for 72 months.

## Similar Questions

1. ### Annuities

Victore French mad a deposit of 5000 at the end of ech quarter to book bank, which pays 8% intrest compounded quarterly. After 3 years, Victor made no more depostis. What will be the banance in the account 2 years after the last deposit. …
2. ### Math

I need to figure out what a deposit of 3500 a month, with 9 percent intrest compounded monthly, would be in 6 years. Any help would be greatly appreciated.
3. ### annuaties

Mr. Strupp expects to retire in 12 years. Beginning one month after his retirement, he would like to receive \$500 per month for twenty years. How much must he deposit into a fund today to be able to do so if the rate of interest on …

1. Mike wants to invest money every month for 40 years. He would like to have \$1 000 000 at the end of the 40 years. For each investment option, how much does he need to invest each month?

If your bank paid simple intrest Of 4.25% compounded annually how much intrest would you earn after three years on an initial deposit of \$750.
6. ### MATH

If I deposit \$3500.00 into an account with a annual rate of 4.5 compounded monthly how long would it to reach \$5000.00
7. ### math

if you deposit \$700 a month in a savings account that earns 4% interest compounded monthly. how many months to get \$3500 and what is the balance in the account.
8. ### math

if you deposit \$700 a month in a savings account that earns 4% interest compounded monthly. how many months to get \$3500 and what is the balance in the account.
9. ### Corporate Finance

A 15-year annuity pays \$1,750 per month, and payments are made at the end of each month. If the interest rate is 10 percent compounded monthly for the first seven years, and 6 percent compounded monthly thereafter, what is the present …
10. ### Math

John is a 45 year old and wants to retire at age 65. He wishes to make monthly deposit into an account paying 9% compounded monthly so when he retires he can withdraw \$320 a month for 30 years. How much should John deposit each month?

More Similar Questions