nyctvinny8290
16.10.2020 •
Mathematics
Suppose at age 22 mort starts investing 200$ at the end of each month into a savings plan with an apr of 2.9% and he continues to do so through the next 43 years ( planning to retire at age 65). How much will be in his savigns plan towards retirement? How much of his balance was from the interested loans
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Ответ:
Kindly check explanation
Step-by-step explanation:
Given the following :
Monthly Payment (PMT) = 200 at the end of each period
interest rate = 2.9% = 0.029/12 = 0.0024166
Period (n) = 43 years x 12 = 516
Using the future value(FV) of an ordinary annuity:
FV = PMT[(1 + r)^n - 1] / r
FV = 200[(1 + 0.0024166)^516 - 1] / 0.0024166
FV = 200[(1.0024166)^516 - 1] / 0.0024166
FV = 200(2.4745372) / 0.0024166
FV = 204,794.93
Amount which will be in saving plan towards retirement = $204,794.93
Interest amount :
$204,794.93 - total monthly deposits
$204,794.93 - (200 * 516)
$204,794.93 - $103,200
= $101,594.93
Ответ:
a zero line
Step-by-step explanation:
i dont have a diagram to show