Question

You put $125.32 at the end of each month in an investment plan that pays 2.5% interest, compounded monthly. how much will you have after 23 years? round to the nearest cent. a. $46,683.28 b. $4,564,471.88 c. $2,949.39 d. $3,832.84

Answer 1

After 23 years $125.32 will be matured to $46,683.28.

What is the formula for recurring investment?

The formula for Recurring maturity is given by:

$A=P_n\dfrac{p\times n \times(n+1)}{24}\times \dfrac{r}{100}$

Where A=matured amount

P =Principal value

n=Number of months

r=Interest rate(annual)

We have P= $125.32

n=23*12 = 276 months

r=2.5*12 =30%

Put these values in the above formula

we get A= $46,683.28

Therefore, After 23 years $125.32 will be matured to $46,683.28.

To get more about recurring deposits visit:

brainly.com/question/25528036