Find the savings plan balance after 4 years with an APR of 2% and monthly payments of $100
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This is the formula you would use to find the FV of your savings plan.
FV=P{[1 + R]^N - 1/ R}
FV =$100 x {[1 + 0.02/12]^(4*12) - 1 / (0.02/12)}
FV=$4,992.90 - This should be the balance in the savings plan after 4 years.
P.S. Do the math in the above formula and you should get the same answer that I did.
