In order to accumulate enough money for a down payment on a house, a couple deposits $608 per month into an account paying 6% c
ompounded monthly. If payments are made at the end of each period, how much money will be in the account in 6 years? Type the amount in the account=$ (round to the nearest dollar)
Hi there The formula of the future value of annuity ordinary is Fv=pmt [(1+r/k)^(kn)-1)÷(r/k)] Fv future value? PMT monthly payment 608 R interest rate 0.06 K compounded monthly 12 N time 6years So Fv=608×(((1+0.06÷12)^(12×6) −1)÷(0.06÷12)) =52,536.58...answer
