Question

You have decided to place $361 in equal deposits every month at the beginning of the month into a savings account earning 4.63 percent per year, compounded monthly for the next 5 years. The first deposit is made today. How much money will be in the account at the end of that time period? Round the answer to two decimal places.

Answer #1

Future Value of an Annuity Due | ||||

= C*[(1+i)^n-1]/i] * (1+i) | ||||

Where, | ||||

c= Cash Flow per period | ||||

i = interest rate per period =4.63%/12 =0.385833333% | ||||

n=number of period =5*12=60 | ||||

= $361[ (1+0.00385833333)^60 -1 /0.00385833333] * (1 +0.00385833333) | ||||

= $361[ (1.00385833333)^60 -1 /0.00385833333] * 1.00385833333 | ||||

= $361[ (1.2599 -1 /0.00385833333] * 1.00385833333 | ||||

= $24,413.66 |
||||

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