60 months at 0.025/12
7246 * (1 + .025/12)^60
What will $7,246 deposited monthly accumulate to in 5 years earning 2.50% compounded monthly?
4 answers
monthly deposits ... need to adjust the formula, as an annuity
Whoops, I did not notice that it was what I call a sinking fund. See:
http://www.math.utep.edu/Faculty/cmmundy/Math%201320/Worksheets/Sinking%20Funds%20&%20Annuities.pdf
here i = 0.025/12
http://www.math.utep.edu/Faculty/cmmundy/Math%201320/Worksheets/Sinking%20Funds%20&%20Annuities.pdf
here i = 0.025/12
You want FV
Your PMT is 7246
n = 60
i = .025/12
Your PMT is 7246
n = 60
i = .025/12