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If you saved $1000 per month for 15 years at 6% interest you would have?   

How much interest did you earn?   

Guest Apr 20, 2017
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3+0 Answers

 #1
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Use this formula to find the Future Value of the investment:

FV=P{[1 + R]^N - 1/ R}

FV =$290,818.71

Guest Apr 20, 2017
 #2
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This isn't the right answer. it says it's $290,705.02. It says the intrest is $110,705.02

Guest Apr 20, 2017
 #3
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FV=P{[1 + R]^N - 1/ R}

FV =1,000 x [1 + 0.06/12]^(15*12)

FV =1,000 x 1.005^180 - 1 / 0.06/12}

FV =1,000 x   2.45409356.. - 1 / 0.005

FV =1,000 x             290.81871244944262756649261253386

FV =$290,818.71 - This is the accurate calculation. Show it to your teacher.

$290,818.71 - [$1,000 x 180] =$110,818.71 - This is the interest earned over 15 years.

Guest Apr 20, 2017

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