You wish to deposit $500 per month into
an account for 36 months. Assume your interest rate is 3.25%, compounded monthly. How much do you have after 36 months? Show formula and workout.
Formula: FV = C*[(1+i)^n-1]/i , where C = monthly deposit, i = interest rate, n = number of periods
Thus, FV = 500*[(1+(.0325/12))^36-1]/i
FV = 500*.1022661606/.0027083333 = 18,879.91
Content will be erased after question is completed.
Enter the email address associated with your account, and we will email you a link to reset your password.
Forgot your password?