How much is in this account after 40 years? please do not, Ask an Expert

Economics

You open a savings account to save retirement. Every month you put $100 into a savings account which pays 8% interest compounded monthly. At the end of each year you receive a $500 bonus which you place directly into your retirement fund. How much is in this account after 40 years? Please do not show Excel formulas. I am looking for a standard set of equations that can be done with a simple calculator or by hand. Thanks. Will rate fast for easily understandable answers.

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M9438224

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