Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. finance
  3. i’m investing 6% of my monthly salary into a sav

I’m investing 6% of my monthly salary into a savings account with a monthly interest rate...

60.1K

Verified Solution

Question

Finance

I’m investing 6% of my monthly salary into a savings accountwith a monthly interest rate of 0.67%, the interest compoundsmonthly. How much will the savings account be worth after 10 yearsif I make an annual salary of $62,000 dollars and expect an annualsalary increase of 1.5%?

Answer & Explanation Solved by verified expert
4.4 Ratings (605 Votes)
Monthly interest rate 067Number of times compounding in a year 12 monthly basisMonthly compounded Annual interest rate 1 monthly    See Answer
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Transcribed Image Text

I’m investing 6% of my monthly salary into a savings accountwith a monthly interest rate of 0.67%, the interest compoundsmonthly. How much will the savings account be worth after 10 yearsif I make an annual salary of $62,000 dollars and expect an annualsalary increase of 1.5%?

Other questions asked by students

Q

Write the digestive organ(s) that is/are associated with each statement. Where carbohydrates are first broken down (in humans) Where...

Biology
Q

1. Identify two other systems that are closely related to the respiratory system. You should describe...

Medical Sciences
Q

give a brief account on bacterial aerobic respiration insisting on main phases of this respiration

Medical Sciences
Q

Appraising performance of staff involves which main activities select all that apply Discussing evaluations with...

Biology
Q

solution set is set is a comma to separate answers as

Calculus
Q

On January 1, 2015 Carter Company granted a total of 10,000 stock options to 10...

Accounting
Q

On January 1, Pete Rowe bought a ski chalet for $49,500. Pete is renting the...

Accounting
Q

Two second-hand vans due for delivery in September and October will be paid for in...

Accounting
Q

Aviator Company had bonds payable with face amount of P10,000,000 and a carrying amount of...

Accounting
Q

Sal is a 50% owner in a seafood restaurant. He has been a material participant...

Accounting
Q

Flores Company publishes a monthly sports magazine, Hunting Preview. Subscriptions to the magazine cost \$25...

Accounting
Q

Newman manufacturing is considering a cash purchase of the stock of Grips Tool. During the...

Finance