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March 30, 2017

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Heinz has been contributing $300 at the end of each month for the past 15 months to a sivings plan that earns 6% compounded monthly. What amount will he have 1 year from now if he continues the plan?

I'm not sure how to get the answer for this question which is:

$8649.11

  • math help plz! - ,

    Just use the standard annuity formula

    amount = payment ((1+i)^n - 1)/i
    = 300( (1 + .06/12)^27 - 1)/.=(.06/12)
    = 300 ( 1.005^12 - 1)/.005
    = 300(28.83037)
    = 8649.11

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