how do i solve for this question?

Mr. Smith wants to save for his son's college education. If he deposits $300 each month at 10% compounded monthly, how much (to the nearest penny) will he have in the account after 14 years?

Answer =

amount = 300[ (1.0833333)^168 - 1]/.0833333

= ....
you do the button pushing.

To solve this question, we can use the formula for compound interest:

A = P(1 + r/n)^(nt)

where:
A = the future value of the investment
P = the principal amount (initial deposit)
r = annual interest rate (in decimal form)
n = number of times the interest is compounded per year
t = number of years

In this case, the principal amount (P) is $300, the annual interest rate (r) is 10% (or 0.10 in decimal form), the interest is compounded monthly, so the number of times interest is compounded per year (n) is 12, and the number of years (t) is 14.

Plugging in the values into the formula, we get:

A = 300(1 + 0.10/12)^(12*14)

Now, let's calculate it:

A = 300(1 + 0.008333)^168
A = 300 * 1.008333^168
A ≈ $878.93 (rounded to the nearest penny)

Therefore, Mr. Smith will have approximately $878.93 in the account after 14 years.