You deposit $1969.55 in an account today. You will deposit $566.09 at the end of each...

You deposit $1969.55 in an account today. You will deposit $566.09 at the end of each month for the next 12 months and $946.03 each month for the following 13 months. How much interest will you have earned in 25 months if the account pays 5% compounded monthly?

Expert Solution

Month	Beginning balance	Interest	Contribution	Ending balance
0			$ 1,969.5500	$ 1,969.5500
1	$ 1,969.5500	$ 8.2065	$ 566.0900	$ 2,543.8465
2	$ 2,543.8465	$ 10.5994	$ 566.0900	$ 3,120.5358
3	$ 3,120.5358	$ 13.0022	$ 566.0900	$ 3,699.6281
4	$ 3,699.6281	$ 15.4151	$ 566.0900	$ 4,281.1332
5	$ 4,281.1332	$ 17.8381	$ 566.0900	$ 4,865.0612
6	$ 4,865.0612	$ 20.2711	$ 566.0900	$ 5,451.4223
7	$ 5,451.4223	$ 22.7143	$ 566.0900	$ 6,040.2266
8	$ 6,040.2266	$ 25.1676	$ 566.0900	$ 6,631.4842
9	$ 6,631.4842	$ 27.6312	$ 566.0900	$ 7,225.2054
10	$ 7,225.2054	$ 30.1050	$ 566.0900	$ 7,821.4004
11	$ 7,821.4004	$ 32.5892	$ 566.0900	$ 8,420.0796
12	$ 8,420.0796	$ 35.0837	$ 566.0900	$ 9,021.2532
13	$ 9,021.2532	$ 37.5886	$ 946.0300	$ 10,004.8718
14	$ 10,004.8718	$ 41.6870	$ 946.0300	$ 10,992.5887
15	$ 10,992.5887	$ 45.8025	$ 946.0300	$ 11,984.4212
16	$ 11,984.4212	$ 49.9351	$ 946.0300	$ 12,980.3863
17	$ 12,980.3863	$ 54.0849	$ 946.0300	$ 13,980.5012
18	$ 13,980.5012	$ 58.2521	$ 946.0300	$ 14,984.7833
19	$ 14,984.7833	$ 62.4366	$ 946.0300	$ 15,993.2499
20	$ 15,993.2499	$ 66.6385	$ 946.0300	$ 17,005.9185
21	$ 17,005.9185	$ 70.8580	$ 946.0300	$ 18,022.8064
22	$ 18,022.8064	$ 75.0950	$ 946.0300	$ 19,043.9315
23	$ 19,043.9315	$ 79.3497	$ 946.0300	$ 20,069.3112
24	$ 20,069.3112	$ 83.6221	$ 946.0300	$ 21,098.9633
25	$ 21,098.9633	$ 87.9123	$ 946.0300	$ 22,132.9057
Total		$ 1,071.8857

Interest is beginning balance X 5%/12

Total interest is $1,071.89

Please rate.

jeff jeffy answered 1 year ago

You deposit $1437.46 in an account today. You will deposit $547.45 at the end of each...

You deposit $1437.46 in an account today. You will deposit $547.45 at the end of each month for the next 14 months and $990.78 each month for the following 12 months. How much interest will you have earned in 26 months if the account pays 20% compounded monthly?

If you deposit today $9,719 in an account for 6 years and at the end accumulate...

If you deposit today $9,719 in an account for 6 years and at the end accumulate $10,221, how much compound interest rate (rate of return) you earned on this investment? You will deposit 18,057 at 10% simple interest rate for 6 years, and then move the amount you would receive to an investment account at 10 % compound rate for another 3 years. How much money would you have at the end of the entire period? If you deposit today...

If you deposit $2,000 at the end of each year into an IRA account that is...

If you deposit $2,000 at the end of each year into an IRA account that is expected to earn 8% per year simple interest, how much will be in the account in 30 years? (Answer to the nearest dollar)

At the end of each year for ten years you deposit $750 in an account that...

At the end of each year for ten years you deposit $750 in an account that earns an annual rate of return of 12%. What is the present value of these deposits?

You will deposit $80 at the end of each month for 15 years into an account...

You will deposit $80 at the end of each month for 15 years into an account with annual interest rate 3% compounded monthly, and then withdraw equal amounts at the end of each month for the following 25 years, ending with a zero balance. What will your monthly withdrawals be?

How much should you deposit at the end of each month into an investment account that...

How much should you deposit at the end of each month into an investment account that pays 8.5 % compounded monthly to have $ 1 million when you retire in 43years? How much of the $1 million comes from interest?

1) At the end of each year you deposit $750 in a retirement account that pays...

1) At the end of each year you deposit $750 in a retirement account that pays 6%. How much money will you accumulate for your retirement if you plan to retire 30 years from now? N= I= PV= PMT= FV= Highlight type of annuity: BEGIN END 2) Starting today Andrew will deposit $2,000 per year in a retirement account that pays 6%. How much money will he accumulate for his retirement if he plans to retire 50 years from now?...

You deposit $1,300 at the end of each year into an account paying 8.6 percent interest....

You deposit $1,300 at the end of each year into an account paying 8.6 percent interest. a. How much money will you have in the account in 24 years? b. How much will you have if you make deposits for 48 years?

You deposit $1,700 at the end of each year into an account paying 11.6 percent interest....

You deposit $1,700 at the end of each year into an account paying 11.6 percent interest. Required: (a) How much money will you have in the account in 17 years? (b) How much will you have if you make deposits for 34 years?

You deposit $1,400 at the end of each year into an account paying 9.6 percent interest....

You deposit $1,400 at the end of each year into an account paying 9.6 percent interest. Required: (a) How much money will you have in the account in 21 years? (b) How much will you have if you make deposits for 42 years? Required: (a) How much money will you have in the account in 21 years? (Click to select)85,388.68, 75,777.74, 34,890.73, 29,400.00, 96,359.47 (b) How much will you have if you make deposits for 42 years? click to select)...

Question