at the end of how many years ????
amount = 250 (1.004^(number of months) - 1)/.004
Derek invests $250 per month for years at 4.8%/a compounded monthly.
How much will his investment be worth at the end of the years?
2 answers
you can use the annuity formula for future value:
FV=R((1+i)^n-1)/(i)
R=250
i=4.8%/12
n=12*number of years
find the FV
FV=R((1+i)^n-1)/(i)
R=250
i=4.8%/12
n=12*number of years
find the FV