If you saved $1000 per month for 15 years at 6% interest you would have?
How much interest did you earn?
Use this formula to find the Future Value of the investment:
FV=P{[1 + R]^N - 1/ R}
FV =$290,818.71
This isn't the right answer. it says it's $290,705.02. It says the intrest is $110,705.02
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.