For 20 years I invest $100 a month into an account that pays 4.5% compounded monthly. At the end of this time I close out the account and invest the closing balance for the next 25 years in an account paying 5.5% compounded continuously. What is the accumulated amount in the account at the end of the 45 year period? Round your answer off to the nearest penny.

Question

anonymous · Answer

20x12=240
240x100=24000
24000+1080=25080
5.5% of 25080 is 1379.4
25x12=300
1379.4x300=413820
413820+25080=?

suwhitney · Answer

$438,900?

anonymous · Answer

If that's what 413820+25080 equals.

anonymous · Answer

I don't know how much change there would be though. .-.

suwhitney · Answer

It's showing that that is incorrect :( Ugh.. I am having so much trouble with this question.

suwhitney · Answer

@Skrilluh

anonymous · Answer

I'm sorry! 3: I must've done my math wrong somewhere .-.

suwhitney · Answer

Its all good, where do you get the 1080 from?

suwhitney · Answer

@Skrilluh