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What is the total amount in an account that has had $45 per month added into it for 30 years and grew with an annual interest rate of 8%?

 Dec 10, 2017
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This is the formula you would use to calculate this:

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

FV =45 x {[1 + 0.08/12]^(30*12) - 1 / (0.08/12)}

FV =45 x {[1.00666667]^360 - 1 / 0.00666667}

FV =45 x                 1,490.35944866337.........

FV =$67,066.18 - Balance of the investment account after 30 years.

 Dec 10, 2017

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