Answer:
$33181.35
Step-by-step explanation:
The first to do would to calculate the balance in the investment account after 30 years.
=fv(rate,nper,pmt,-pv)
rate is the rate of return per month which is 2%/12
nper is 30 years multiplied by 12
pmt is the periodic payment in the investment account of $250
pv is the current balance is shown as zero
=fv(2%/12,30*12,250,0)=$123,181.35
Total interest is the balance in the account after 30 years minus amount invested.
total interest=$123,181.35-($250*12*30)
=$123,181.35-$90,000.00=$33181.35
