The type of savings is the saving of uniform amount with interest applied to the sum of the amount in the account.
- The amount the account is worth after 15 years is approximately <u>$38,841.1</u>
Reasons:
The amount saved per month = $150
Amount saved per year, <em>A</em> = 12 × $150 = $1,800
The interest rate on the account, <em>i</em> = 5%
The amount, <em>F</em>, in the account after 15 years is given as follows;
The uniform series compound amount factor formula is presented as follows;
Therefore;
The amount the account is worth after 15 years to the nearest cent is approximately <u>$38,841.4</u>.
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