Question

If I pay RM200 every month for 20 years into an investment account that gives 3% p.a interest compounded monthly, how much will I get at the end of 20 years?

Answer 1

i = .03/12 =.0025
n = 12(20) = 240

amount = 200 ( 1.0025^240 - 1)/.0025
= .....