Deposits of $200 per month are put into an investment plan that pays an apr of 6.5%. how much money will be in the plan after 18years?

The money will be $7455.97.

Step-by-step explanation:

Given : Deposits of $200 per month are put into an investment plan that pays an APR of 6.5%.

To find : How much money will be in the plan after 18 years ?

Solution :

There is a deposit of $200 per month.

For 1 year the principle value is

The rate of interest is r=6.5%=0.065

The time is t=18 years

Apply compound interest formula,

Therefore, The money will be $7455.97.

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step-by-step explanation:

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