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If you deposit $300 each month at 6% compounded monthly, how much will you have after 15 months?

 Oct 5, 2016
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Use this formula for your problem:

FV=P{[1 + R]^N - 1/ R}=FV OF $1 PER PERIOD. Where R=Interest rate per period, N=number of periods, P=periodic payment, FV=Future value.

 

FV=300{[ 1 + 0.06/12]^15 - 1 / 0.06/12}

FV=300{[1.005]^15 - 1 / 0.005}

FV=300 x 15.53655

FV=$4,660.96

 Oct 5, 2016

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