You put $350 per month in an investment plan that pays an apr of 3.5% compounded monthly. how much will you have after 18 years? compare this amount to the total deposits made over the time period. assume an ordinary annuity. a. $103,626.30; $76,500 b. $105,106.76; $75,600 c. $106,626.33; $75,600 d. $107.106; $76,500

The correct option is B)  $105,106.76; $75,600.

Step-by-step explanation:

Consider the provided information.

You put $350 per month in an investment plan that pays an apr of 3.5% compounded monthly for 18 years.

First calculate the total deposits:

You are investing $350 each month for next 18 years.

Total Deposits = $350×12×18 = $75,600

Hence the total deposits are $75,600.

Now calculate how much will you get after 18 years:

Where A is the future value of ordinary annuity, y is the number of years, APR is the annual interest rate and n is the number of periods.

From the provided information we have

PMT=350, APR=0.035, y=18 and n=12

Substitute the respective values in the above formula.

Hence, you will get $105,106.76 after 18 years.

Thus, the correct option is B)  $105,106.76; $75,600.

step-by-step explanation:

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