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

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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?

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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
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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?

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