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I’m investing 6% of my monthly salary into a savings account with a monthly interest rate...

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Finance

I’m investing 6% of my monthly salary into a savings accountwith a monthly interest rate of 0.67%, the interest compoundsmonthly. How much will the savings account be worth after 10 yearsif I make an annual salary of $62,000 dollars and expect an annualsalary increase of 1.5%?

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4.4 Ratings (605 Votes)
Monthly interest rate 067Number of times compounding in a year 12 monthly basisMonthly compounded Annual interest rate 1 monthly    See Answer
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Transcribed Image Text

I’m investing 6% of my monthly salary into a savings accountwith a monthly interest rate of 0.67%, the interest compoundsmonthly. How much will the savings account be worth after 10 yearsif I make an annual salary of $62,000 dollars and expect an annualsalary increase of 1.5%?

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