Question

A person decides to put aside Rs 100 at the end of every month in a money market fund that pays 8% compounded monthly. After making 12 deposits, how much money does he have?

Answer 1

That 8% is 8/12 = 2/3 %per month I suspect so 1.00667 each time 12 times
the standard annuity equation is
N = 100 * [ 1.00667^12 - 1 ] / 0.00667
= 1244.36

Answer 2

Formula is not clear

Answer 3

If you look up "annuity" you will find something like

N = P [ (1+r)^n - 1 ] /r
r is the rate per deposit period
n is the number of periods
P is the amount deposited each period

Answer 4

for example:
.......ttps://www.educba.com/annuity-formula/
take the periods out and replace with h
remember you are doing months, not years.

Answer 5

But its very difficult to solve


1.00667^12 - 1 part