You deposit $500 each month into an account earning 5% interest compounded monthly.
How much total interest will you earn?

To calculate the total interest earned from a series of monthly deposits into an account with compound interest, we can use the Future Value of an Annuity formula:

\[
FV = P \times \frac{{(1 + r)^n - 1}}{r}
\]

Where:
- $FV$ is the future value of the annuity (total amount in the account after all deposits and interest).
- $P$ is the monthly deposit.
- $r$ is the monthly interest rate.
- $n$ is the total number of deposits.

### Given Values:
- Monthly deposit, $P = 500$ dollars
- Annual interest rate, \(5\

Discover how to calculate the total interest earned from monthly deposits into an account earning 5% interest compounded monthly. This problem involves the Future Value of an Annuity formula, detailing the monthly deposit amount, annual interest rate, and total number of deposits.

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