Aiso Deposits $140 / Month in a Savings Account Paying

question 59

Short Answer

Aiso deposits $140 / month in a savings account paying 8% / year compounded continuously. Estimate the amount that will be in his account after 15 years.
$__________

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Definitions:

Compounded Monthly

Monthly calculation of interest that factors in the original principal and also the accumulated interest from the past periods.

Month-End Payments

Regular payments made at the end of each month, often related to financial transactions such as loan repayments or rent.

Cash Prize

A monetary award given to a winner or recipient in contests, competitions, or lotteries.

Compounded Annually

the process of adding interest to the principal sum of a loan or deposit once every year.