# math help plz!

posted by .

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

## Similar Questions

1. ### MATH!!!

Supppose you work for a company that has a 401k plan. Your first-year annual salary is \$28,200 and you are contributing 10% of your monthly paycheck onto your 401k. Write a rule for the amount of money contributed to the plan after …
2. ### Math!

What amount 18 months ago is equivalent to \$2300, 1.5 year from now if money earn 7% compounded monthly during the interving time?
3. ### math!

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?
4. ### Math

At the end of each quarter, a 50-year-old woman puts \$3000 in a retirement account that pays 5% interest compounded quarterly. When she reaches 60, she withdraws the entire amount and places it in a mutual fund that pays 6.9% interest …
5. ### math

The Pirerras are planning to go to Europe 5 yr from now and have agreed to set aside \$190/month for their trip. If they deposit this money at the end of each month into a savings account paying interest at the rate of 9.5%/year compounded …
6. ### ctu

Diane works at a public university. She contributes \$625 at the end of each month to her retirement fund. For the past 10 years, this fund has returned 3.84% a year, compounded monthly. a. Assuming the 3.84% rate continues, how much …
7. ### Finance - Annuities

You have just graduated from the MBA program and to reward yourself you have decided to purchase a 2012 BMW 650 sports car. You are scheduled to make a \$12,000 down payment on the vehicle and have been told that your monthly payments …
8. ### math

Jeanette wishes to retire in 30 years at age 55 with retirement savings that have the purchasing power of \$300,000 in today’s dollars. 1. If the rate of inflation for the next 30 years is 2% per year, how much must she accumulate …
9. ### Finite Math

The price of a new car is \$24,000. Assume that an individual makes a down payment of 25% toward the purchase of the car and secures financing for the balance at the rate of 10%/year compounded monthly. (Round your answers to the nearest …