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Having some trouble with this question please help!

Find the savings plan balance after 9months with an APR of 6​% and monthly payments of

​$100

 Mar 2, 2020
edited by Guest  Mar 2, 2020
 #1
avatar+22043 
+1

c  x         (  1+i)n -1

               ________      x     (1+i)    =    922.80                        n = 9       i = .06/12 = .005       c = 100  

                        i   

 Mar 2, 2020
 #2
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+1

P=100;   R=0.06/12;  N=9;    FV=P*((1 + R)^N - 1)/ R

 

FV = $ 918.21

 Mar 2, 2020
 #3
avatar+108687 
0

The formulas used here are slightly different. You need to determine the correct one yourself

 Mar 2, 2020

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