If a deposit of $130 is made each month in an ordinary annuity and the annuity pays a monthy interest rate of 0.98% how much can be saved in 5 years? Assume the compounding is being done monthly.
FV = P x [1 + R]^N - 1 / 0.0098
FV =130 x [1.0098]^(5*12) -1 / 0.0098
FV = 130 x 81.14671324....
FV =$10,549.07