Anne Thorne deposits $100 at the end of each month into her savings account which pays 6% interest compounded monthly. How much will be in her account at the end of 2 ½ years?

Answer 1

i = .06/12 = .005
n =2.5(12) = 30

amount = 100( 1.005^30 - 1 )/.005
= $3228.00