Asked by Anonymous
What will $7,246 deposited monthly accumulate to in 5 years earning 2.50% compounded monthly?
Answers
Answered by
Damon
60 months at 0.025/12
7246 * (1 + .025/12)^60
7246 * (1 + .025/12)^60
Answered by
Steve
monthly deposits ... need to adjust the formula, as an annuity
Answered by
Damon
Whoops, I did not notice that it was what I call a sinking fund. See:
http://www.math.utep.edu/Faculty/cmmundy/Math%201320/Worksheets/Sinking%20Funds%20&%20Annuities.pdf
here i = 0.025/12
http://www.math.utep.edu/Faculty/cmmundy/Math%201320/Worksheets/Sinking%20Funds%20&%20Annuities.pdf
here i = 0.025/12
Answered by
Damon
You want FV
Your PMT is 7246
n = 60
i = .025/12
Your PMT is 7246
n = 60
i = .025/12
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