You deposit $200 each month into an account earning 2% interest compounded monthly. How much will you have in the account in 30 years? How much total money will you put into the account? How much total interest will you earn?

A. $99,195.055

B. $72,000

C. $27,195.055

Step-by-step explanation:

A. Calculation for How much will you have in the account in 30 years

Using future annuity formula

Future value=[Deposit amount* (1+Interest rate^n-1)/Interest rate]

Let plug in the formula

Where,

Deposit amount=$200

Number of days=30*12=360

Interest rate=0.02/12=0.0017

Let plug in the formula

Future value=[$200*(1+0.0017^360-1)/0.0/17]

Future value=[$200*(1+0.0017^360-1)/0.0/17]

Future value=[$200*(1.0017^360-1)/0.0/17]

Future value=$99,195.055

Therefore the amount you will have in the account in 30 years will be $99,195.055

B. Calculation for How much total money will you put into the account

Using this formula

Total money=Deposit amount*Number of days

Let plug in the formula

Total money=$200*360 days

Total money=$72,000

Therefore the total money you will put into the account is $72,000

C. Calculation for How much total interest will you earn

Total Interest=$99,195.055-$72,000

Total Interest=$27,195.055

Therefore the total Interest you will earn is $27,195.055

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