Wednesday

July 30, 2014

July 30, 2014

Posted by **COURTNEY** on Wednesday, September 29, 2010 at 3:03pm.

If he deposits $300 each month at 12% compounded

monthly, how much (to the nearest penny) will he have in the

account after 8 years?

Answer = $

HOW DO I SOLVE THIS ??

- MATH FINANCE -
**Reiny**, Wednesday, September 29, 2010 at 4:40pmYou should know the "amount of an annuity" formula

amount = payment[ (1+i)^n - 1]/i

where i is the monthly rate, n is the number of payments

for your case

payment = 300

i = .12/12 = .01

n = 8(12) = 96

you do the button-pushing, let me know what you got.

**Related Questions**

math - how do i solve for this question? Mr. Smith wants to save for his son's ...

Math - Jeremy is in Grade 8. He has a paper route and wants to save for his ...

Mathematics - Pam and Tim decide to start saving money for their daughter's ...

Business Calculus - Pam and Tim decide to start saving money for their daughter'...

math - A young executive deposits $400 at the end of each month for 7 years and ...

finite math - A young executive deposits $400 at the end of each month for 7 ...

Math - If you finance $50,000 of the purchase of your new home at 4.40% ...

Annuity! - When Raisel's son was born, she put $7,500 in an investment that ...

Finance - You (or your parents) plan to pay $1,275.00/month for a mortgage. How ...

math! - When Raisel's son was born, she put $7,500 in an investment that earns 5...