Asked by Anonymous
Suppose Mary deposits $200 at the end of each month for 30 years into an account that pays 5% interest compounded monthly. How much total money will she have in the account at the end?
Answers
Answered by
Reiny
i = .05/12 = .001466666...
n= 30*12 =360
amount = 200( 1.00146666..^360 - 1)/.00416666
= 166451.75
n= 30*12 =360
amount = 200( 1.00146666..^360 - 1)/.00416666
= 166451.75
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