Starting on October 1, 2003, annual deposits of $155 are made into an account paying interest...
Starting on October 1, 2003, annual deposits of $155 are made into an account paying interest at a rate of 8.4% compounded monthly. How much is in the account immediately after the deposit on October 1, 2030? *do not round intermediate steps*
Homework Answers
Number of deposits = 2030 - 2003 + 1 = 28
n = 28
r = (1 + 0.084/12)^12 - 1 = 1.0873106619 - 1
r = 0.0873106619
r = 8.73106619%
PMT = 155
![FV = \frac{PMT}{r} * \left [ (1+ r )^{n} - 1 \right ]](http://img.homeworklib.com/questions/9f9bf560-8bf3-11eb-87a0-35c44daa4984.png?x-oss-process=image/resize,w_560)
![FV = \frac{155}{0.0873106619} * \left [ (1+ 0.0873106619 )^{28} - 1 \right ]](http://img.homeworklib.com/questions/9fefff10-8bf3-11eb-b341-3f573d84768c.png?x-oss-process=image/resize,w_560)
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