Asked by Alicia
Jeremy is in Grade 8. He has a paper route and wants to save for his college education. He determines that he has $100 per month to put into an account at 6%/a compounded monthly. How much will he have at the end of five years for his college education?
Answers
Answered by
Reiny
amount = payment [(1+i)^n - 1]/i
where i = .06/12 = .005
n = 5(12) = 60
payment = 100
where i = .06/12 = .005
n = 5(12) = 60
payment = 100
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