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You put $350 per month in an investment plan that pays an APR of 3.5% compounded monthly. How much will you have after
18 years? Compare this amount to the total deposits made over the time period. Assume an ordinary annuity.
a $103,626.30; $76,500
C. $106,626.33; $75,600
b. $105,106.76; $75,600
d. $107.106; $76,500

Respuesta :

Answer: B.

Step-by-step explanation: TVM Solver Equation:

N = 216 (12 x 18 years)

I% = 3.5

PV = 0

PMT = - $350

FV = 105,106.7593

P / Y = 12 (months)

C / Y = 12

PMT: END

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