Hello! Can someone please walk me through this question? Thank you!
"On the day Rachel was born, her grandparents deposited $500 into a savings account that earns 4.8%/a compounded monthly. They deposited the same amount on her 5th, 10th, and 15th birthdays. Determine the balance in the account on Rachel’s 18th birthday."
N=5*12; R=0.048/12;PV=500; FV=PV*(1 + R)^N; print"FV =$",FV
1 - Balance after 5 years =$635.32 + $500 deposit.
2 - Balance after 10 years=$1,442.58 + $500 deposit.
3 - Balance after 15 years =$2,468.32 + $500 deposit.
4 - Balance after 18 years =$3,427.08 - on her 18th birthday.
