Per newly institution question and answer asked students to say what they assume is the most important important challenge for a student to do to be able to accomplished success. The one that response stood out from the rest was practice. Persons who are usually successful do not become successful by being born. They work hard and persistence their lives to succeeding. If you would like to achieve your goals, keep this in mind! just below are one of the answer and question example that you possibly will work with to practice and further enhance your understanding and also give you insights that might assist you to preserve your study in school.
Don opened a retirement account with an APR of 3.25% compounded monthly. He is planning to retire in 15 years. About how much will he have in the account when he retires if he deposits $750 a month? Include your work as best as possible. *
So, the required amount is $27655.384.
The formula for finding the compound interest is ,
Consider the periodic deposit amount
Consider the time
Substituting the given values into the above formula we get,
Learn more about the topic Compound Interest:
From the answer and question examples above, hopefully, they can potentially help the student sort out the question they had been looking for and take notice of every piece declared in the answer above. You could definitely then have a discussion with your classmate and continue the school learning by studying the problem mutually.