Which of the following is not a rate?
1 answer:
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Answer:
$507.30
Step-by-step explanation:
-Given the monthly deposits are $425 and the interest rate is 3.5% for 30 years.
-The amount of the investment after 30 years is calculated as;
-Assuming Saul started saving at age 20, his investment term will be 40 yrs.
-His investment amount is thus:
#We subtract to find how much more he would have if he started saving at 20;
Hence, Saul would have $507.30 more had he started saving 10 years earlier.