In order to accumulate enough money for a down payment on a​house, a couple deposits $370 per month into an account paying 6% compounded monthly. If payments are made at the end of each​period, how much money will be in the account in 7​years?

geneth1u 2022-09-13 Answered
In order to accumulate enough money for a down payment on a​house, a couple deposits $370 per month into an account paying 6% compounded monthly. If payments are made at the end of each​period, how much money will be in the account in 7​years?
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Answers (1)

detegerex
Answered 2022-09-14 Author has 16 answers
Total Amount at the end of period is given by below formula
A = P ( ( 1 + r ) n 1 ) / r
where P is monthly deposit = $370 in this case
r is rate of interest per compounding period = 6%/12 = 0.005 in this case
n is number of periods = 12 7 = 84 in this case
Substituting the above we get
Amount = 370 ( 1 + 0.005 ) 84 1 0.008 = 370 1.5203 1 0.005 = 370 0.5203 0.005 = 370 104.073 = $ 38507

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