You deposited $ 5,000 per month into an account that now contains $ 50,000 and earns 13% interest per year compunded monthly. Determine the amount of money in the account after 10 years

Answer 1

i = .13/12 = .0108333....
n = 10*12 = 120

amount = 50,000(1.01083333...)^120 + 5000(1.0108333..^120 - 1)/.010833..
=

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