You plan to buy a house in 8 years. You want to save money for a...
You plan to buy a house in 8 years. You want to save money for a down payment on the new house. You are able to place $455 every month at the end of the month into a savings account at an annual rate of 10.91 percent, compounded monthly. How much money will be in the account after you made the last payment
Homework Answers
Ans $ 69272.56
| P = | Periodic payments |
| r = | rate of interest |
| n = | no of years |
| Future Value of Annuity = | P ( (1 + r)n - 1 ) / r |
| 455* ((1 + 10.91%/12)^96 - 1) / (10.91%/12) | |
| 69272.56 |
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