Question

on the day Rachel was born, her grandparents deposited $ 500 into a savings account that earns 4.8%/a compounded monthly . They deposited the same amount on her 5th, 15th, and 10th birthdays. determine the balance in the account on Rachel's 18th birthday

Answer 1

amount = 500[ ( 1.004)^216+1.004^156 + 1.004^96 + 1.004^36 ]
= .....