Question

Mattis saving to buy a new motorcycle. If he deposits $50 at the end of each month in an account that pays an annual interest rate of 3.5%, how much will he have in 30 months? Assume that the compounding is being done monthly
(Round the final answer to the nearest cent as needed. Round all intermediate values to eight decimal places as needed.)

Answer 1

In thirty months you should have 5,250.00