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 2 years ago

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