Answered

harper is saving for retirement. she deposits $350 each month at 4.9% annual interest for 30 years. according to her calculations, at the end of 30 years, she should have $285,963.16 in her account. how much of this did harper contribute and how much of this is interest?

Sagot :

The amount contributed by Harper is equal to $12600 and the interest is equal to $159963.16.

People often save money for future by making investments in the form of deposits in banks. The banks give some amount of interest on the deposited amount which are the extra amount earned as profit. Harper also saves money for retirement and deposits $350 each month for 30 years. Now to find the amount contributed by Harper we multiply per month amount to number of years and months that is

Amount contributed = $350 × 30 × 12

Amount contributed = $126000

Now we find the interest earned by Harper as

Interest amount = Amount in bank - Amount contributed

Interest amount = $285963.16 - $126000

Interest amount = $159963.16

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