Question

Suppose you invest $50 a month in an annuity that earns 4.8% APR compounded monthly. How much money will you have in this account after 10 years?

Answer 1

Answer: $6,288

Step-by-step explanation:

$50x12 = $600

4.8x600 = 2280

2280/100 = $28.80  

600+28.80 = 628.80

628.80x10 (10 years) = $6,288

You're gonna get a $288 profit in the course of 10 years.

Answer 2

Answer:

6288 from the TVM calculator

Step-by-step explanation: