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monroe17

  • 2 years ago

Mr. Sparky puts away $250 from each monthly paycheck into an account that returns 7.89% annual interest compounded monthly for his retirement. a. How much will Mr. Sparky have saved up in his account if he makes these deposits for 20 years? b. When he retires, he plans to live on the interest he earns each month. How much in interest will he earn each month? (assume he can get the same interest rate as in part a)

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  1. monroe17
    • 2 years ago
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    A=R(1+r/m)^n-1/(r/m) 250(1+0.006575)^240-1/0.006575 250(3.820294148/0.006575) (250)(581.0333305)=145,258.3326 saved up for 20 years did i do this right for part A?

  2. monroe17
    • 2 years ago
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    @dpaInc can you help me with this.. I think I solved Part A right.. can you check my work? :)

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