Jay just graduated from college and he has decided to open a retirement account that pays 1.75% interest compounded monthly. If
he has direct deposits of $100 per month taken out of his paycheck, how much will he have in the account after 42 years?
2 answers:
Answer:
$51,282
Step-by-step explanation:
100*1.75%=1.75*504 months (42 years)=882
100*504 months (42 years)=50,400
50,400+882=$51,282
Hope this is correct, and helps you out :)
Answer:
50989.68
Step-by-step explanation:
add 100 to 1.75% then multiply by 12 then multiply by 42
hope that helps :)
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