Joanna has been saving for retirement for 40 years. She made monthly deposits of\$275 and earned 5.6% annual interest, compounded monthly. According to her account documents, after these 40 years, she has a balance of \$491,730.35 in her account. How much of this did Joanna contribute and how much of this is interest?

Solución

Joanna has been saving for retirement for 40 years. She made monthly deposits of$275 and earned 5.6% annual interest, compounded monthly. According to her account documents, after these 40 years, she has a balance of $491, 730.35 in her account. How much of this did Joanna contribute and how much of this is interest?

Solución

Interest : 491455.35

Pasos de solución

Translate the problem into an equation:

491730.35 = 275 + I

Resolver para

I, 491730.35 = 275 + I : I = 491455.35

Interest : 491455.35

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