You deposit $500 each month into an account earning 7% interest compounded monthly.
Round your answers to the nearest whole dollar.
a) How much will you have in the account in 25 years?
$
405035.84
b) How much total money will you put into the account?
$
c) How much total interest will you earn?
$
b) You will put a total of $150,000 into the account over 25 years.
c) You will earn a total of $255,035.84 in interest.