Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. finance
  3. you deposit $1000 per month every month into an in

You deposit $1000 per month every month into an investment account for 40 years. The deposits...

60.1K

Verified Solution

Question

Finance

You deposit $1000 per month every month into an investmentaccount for 40 years. The deposits are made at the end of eachmonth . The first deposit is made at the end of the first month. Ifthe return 6 percent compounded monthly for the first 10 years, and9 percent compounded monthly thereafter, how much will you have inthe account in year 40?

Answer & Explanation Solved by verified expert
4.4 Ratings (849 Votes)
Information provided Monthly deposit 1000 Time 40 years12 480 months Interest rate for the first 10 years 612 050 Interest rate after the first 10 years 912 075 First the money in the account    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

You deposit $1000 per month every month into an investmentaccount for 40 years. The deposits are made at the end of eachmonth . The first deposit is made at the end of the first month. Ifthe return 6 percent compounded monthly for the first 10 years, and9 percent compounded monthly thereafter, how much will you have inthe account in year 40?

Other questions asked by students

Q

Identify the parts of the circle below Figure 1 use proper geometric naming schemes 1...

Geometry
Q

The next 7 questions are related to the titration of 60.0 mL of a 0.0250 M...

Chemistry
Q

Online shoppers have high expectations. Shoppers expect more from online shopping than easy-to-use websites. Successful online retailers...

General Management
Q

Use the following pattern to complete parts a and b below 8 24 8 2...

Basic Math
Q

Psychologists use the formula i = 100m/c to measure a person's intelligence. Called the...

Basic Math
Q

Evaluate the given exponential expression.(4^4)3

Algebra
Q

Just need some help on this please I will rate! ...

Accounting
Q

The 2014 balance sheet of Jordans Golf Shop, Inc., showed $510,000 in the common stock...

Accounting
Q

Blossom Manufacturing Company acquired a patent on a manufacturing process on January 1, 2020 for...

Accounting
Q

Imagine that a client has just inherited $100,000 and is considering investing in the company...

Accounting
Q

What is the most important factor in a successful new product introduction and why? Identify...

Finance
Q

P12-60A (similar to) Jackson Software Corp. activities: Decrease in

Accounting