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?

Expert Solution

Month	Beginning balance	Interest	Contribution	Ending balance
0			$ 1,437.4600	$ 1,437.4600
1	$ 1,437.4600	$ 23.9577	$ 547.5000	$ 2,008.9177
2	$ 2,008.9177	$ 33.4820	$ 547.5000	$ 2,589.8996
3	$ 2,589.8996	$ 43.1650	$ 547.5000	$ 3,180.5646
4	$ 3,180.5646	$ 53.0094	$ 547.5000	$ 3,781.0740
5	$ 3,781.0740	$ 63.0179	$ 547.5000	$ 4,391.5919
6	$ 4,391.5919	$ 73.1932	$ 547.5000	$ 5,012.2851
7	$ 5,012.2851	$ 83.5381	$ 547.5000	$ 5,643.3232
8	$ 5,643.3232	$ 94.0554	$ 547.5000	$ 6,284.8786
9	$ 6,284.8786	$ 104.7480	$ 547.5000	$ 6,937.1266
10	$ 6,937.1266	$ 115.6188	$ 547.5000	$ 7,600.2454
11	$ 7,600.2454	$ 126.6708	$ 547.5000	$ 8,274.4161
12	$ 8,274.4161	$ 137.9069	$ 547.5000	$ 8,959.8230
13	$ 8,959.8230	$ 149.3304	$ 547.5000	$ 9,656.6534
14	$ 9,656.6534	$ 160.9442	$ 547.5000	$ 10,365.0977
15	$ 10,365.0977	$ 172.7516	$ 990.7800	$ 11,528.6293
16	$ 11,528.6293	$ 192.1438	$ 990.7800	$ 12,711.5531
17	$ 12,711.5531	$ 211.8592	$ 990.7800	$ 13,914.1923
18	$ 13,914.1923	$ 231.9032	$ 990.7800	$ 15,136.8755
19	$ 15,136.8755	$ 252.2813	$ 990.7800	$ 16,379.9368
20	$ 16,379.9368	$ 272.9989	$ 990.7800	$ 17,643.7157
21	$ 17,643.7157	$ 294.0619	$ 990.7800	$ 18,928.5577
22	$ 18,928.5577	$ 315.4760	$ 990.7800	$ 20,234.8136
23	$ 20,234.8136	$ 337.2469	$ 990.7800	$ 21,562.8405
24	$ 21,562.8405	$ 359.3807	$ 990.7800	$ 22,913.0012
25	$ 22,913.0012	$ 381.8834	$ 990.7800	$ 24,285.6645
26	$ 24,285.6645	$ 404.7611	$ 990.7800	$ 25,681.2056
Total		$ 4,689.3856

Total interest earned is $4,689.3856

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jeff jeffy answered 1 year ago

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