Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. finance
  3. i’m investing 6% of my monthly salary into a sav

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

60.1K

Verified Solution

Question

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%?

Answer & Explanation Solved by verified expert
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
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
Become a Member

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%?

Other questions asked by students

Q

A normal expiration during quiet breathing: Select one: a. is an active process involving muscle contraction. b. occurs...

Medical Sciences
Q

SARS H What is the role of the signal peptide O It s an address...

Biology
Q

insulating A cone made of material has a total charge Q spread uniformly over its...

Physics
Q

Identify the property that justifies each step asked about in the answer area below.Line 1:...

Basic Math
Q

9. Herrera Corporation issued a $400,000, 4.5%, 10-year bond payable on January 1,...

Accounting
Q

On October 1, 2018 Bartley Corporation issued 5%, 10-year bonds with a face value of...

Accounting
Q

1.A soft drink bottler incurred the following factory utility cost: $4,046 for 910 cases bottled...

Accounting
Q

The city of Green Valley, Arizona, is trying to determine where to locate a new...

Accounting
Q

Accounting for long-term investments in equity securities with controlling influence uses the: -Investor method. -Investment...

Accounting
Q

help please ASAP! In September 2022, the budget...

Accounting
Q

Please use financial calculator if possible A bank just approved your small business...

Finance
Q

Compute the contribution margin per unit and the total hours required to satisfy demand in...

Accounting