Check My Work

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mhester88

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Feb 25, 2021
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15
Hi,

I'm looking for someone to check my calculation on this problem. There are four separate questions.

When Makayla was 25, she began depositing $150 per month into an account. She made deposits for 15 years and stopped. She then left her money in the account for the next 35 years where it earned interest. Bill started saving at age 40. For 35 years he made monthly deposits of $100 into an account. All accounts mentioned pay 2% interest compounded monthly. Assume the interest rates remained the same over the entire period (which is hypothetical).

1. How much did Makayla have in her account at age 75? My answer was $73,332.55.
2. What is the total amount Makayla paid into the account? My answer was $27,000.
3. How much did Bill have in his account at age 75? $84,528.35
4. What is the total amount Bill paid into the account? My answer was $42,000.

Thanks!
 
mhester88 said:
Hi,

I'm looking for someone to check my calculation on this problem. There are four separate questions.

When Makayla was 25, she began depositing $150 per month into an account. She made deposits for 15 years and stopped. She then left her money in the account for the next 35 years where it earned interest. Bill started saving at age 40. For 35 years he made monthly deposits of $100 into an account. All accounts mentioned pay 2% interest compounded monthly. Assume the interest rates remained the same over the entire period (which is hypothetical).

1. How much did Makayla have in her account at age 75? My answer was $73,332.55.
2. What is the total amount Makayla paid into the account? My answer was $27,000.
3. How much did Bill have in his account at age 75? $84,528.35
4. What is the total amount Bill paid into the account? My answer was $42,000.

Thanks!
Click to expand...
I've only checked the first answer, and it didn't match my calculation. It would be helpful if you show your work, so we can spot your mistake.
 
I redid the work and ended up with these answers. My work is attached this time.
1. How much did Makayla have in her account at age 75? My answer was $62,910.45.
2. What is the total amount Makayla paid into the account? My answer was $27,000.
3. How much did Bill have in his account at age 75? $60,754.78
4. What is the total amount Bill paid into the account? My answer was $42,000.

IMG-0011.jpg
 
mhester88 said:
I redid the work and ended up with these answers. My work is attached this time.
1. How much did Makayla have in her account at age 75? My answer was $62,910.45.
2. What is the total amount Makayla paid into the account? My answer was $27,000.
3. How much did Bill have in his account at age 75? $60,754.78
4. What is the total amount Bill paid into the account? My answer was $42,000.

View attachment 31987
Click to expand...
Those match my answers.
 
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