Answer :
Final answer:
The detailed answer provides calculations for the future value of the account, total deposits, and total interest earned over 25 years with monthly deposits and compound interest.
Explanation:
a) How much will you have in the account in 25 years?
To calculate the future value with monthly deposits, you can use the formula for compound interest: Future Value = P((1 + r)^n - 1) / r, where P is the monthly deposit amount, r is the monthly interest rate, and n is the total number of deposits. Plugging in the values, after 25 years, you would have approximately [tex]$118,123.68 in the account.
b) How much total money will you put into the account?
The total amount deposited can be calculated by multiplying the monthly deposit by the number of months: Total Deposits = Monthly Deposit Number of Months. In this case, the total amount deposited over 25 years would be $[/tex]90,000.
c) How much total interest will you earn?
The total interest earned can be found by subtracting the total deposits from the future value: Total Interest = Future Value - Total Deposits. Therefore, the total interest earned over 25 years would be $28,123.68.
Learn more about Compound interest calculations here:
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