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

#1**0 **

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**0 **

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**0 **

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