Rs. 200 invested at the end of each month in an account paying interest 6% per year compounded monthly.

Question

What is the future value of this annuity after 10th payment? [

Answer 1

interest per month = 6/12 = 0.5% = 0.005
every month multiply by 1.005
every month also add 200
in the end
200 * (1.005^10 - 1) /.005
= 2045.61
The interest gained us about 46 in less than a year.