Solution:
Monthly interest rate = 4.8%/12 = 0.40%
Monthly deposit = $1,000
Nos of monthly periods = 6*12 = 72 periods
Amount in the account after 6 years = $1,000 * Cumulative FV factor at 0.40% for 72 periods
= $1,000 * 83.24783 = $83,248
Amount of interest earned = $83,248 - $72,000 = $11,248
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