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October 25, 2014

Homework Help: Math

Posted by Thanh on Friday, July 29, 2011 at 11:44am.

Please help me to solve it, today is mydue day !

Suppose an individual makes an initial investment of $2400 in an account that earns 8%, compounded monthly, and makes additional contributions of $100 at the end of each month for a period of 12 years. After these 12 years, this individual wants to make withdrawals at the end of each month for the next 5 years (so that the account balance will be reduced to $0)

How much is in the account after the last deposit is made?

i used this Formula but wrong ?

A= R(1-(1+i)n0/i

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