Question

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?

Answer 1

i = .05/12 = .001466666...
n= 30*12 =360

amount = 200( 1.00146666..^360 - 1)/.00416666
= 166451.75