You decide to deposit $171 monthly in a 2.9% annual interest bearing account over the next...
You decide to deposit $171 monthly in a 2.9% annual interest bearing account over the next 15 years. How much will have accumulated in the account at the end of the period?
Homework Answers
| FVOrdinary Annuity = C*(((1 + i )^n -1)/i) |
| C = Cash flow per period |
| i = interest rate |
| n = number of payments |
| FV= 171*(((1+ 2.9/1200)^(15*12)-1)/(2.9/1200)) |
| FV = 38503.48 |
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