Got Homework?
Connect with other students for help. It's a free community.
Here's the question you clicked on:
 0 viewing
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)
 one year ago
 one year 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)
 one year ago
 one year ago

This Question is Closed

monroe17Best ResponseYou've already chosen the best response.1
A=R(1+r/m)^n1/(r/m) 250(1+0.006575)^2401/0.006575 250(3.820294148/0.006575) (250)(581.0333305)=145,258.3326 saved up for 20 years did i do this right for part A?
 one year ago

monroe17Best ResponseYou've already chosen the best response.1
@dpaInc can you help me with this.. I think I solved Part A right.. can you check my work? :)
 one year ago
See more questions >>>
Your question is ready. Sign up for free to start getting answers.
spraguer
(Moderator)
5
→ View Detailed Profile
is replying to Can someone tell me what button the professor is hitting...
23
 Teamwork 19 Teammate
 Problem Solving 19 Hero
 Engagement 19 Mad Hatter
 You have blocked this person.
 ✔ You're a fan Checking fan status...
Thanks for being so helpful in mathematics. If you are getting quality help, make sure you spread the word about OpenStudy.