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Brenda saved 500 at the end of each month that pays 4.75% converted monthly. How much...

Brenda saved 500 at the end of each month that pays 4.75% converted monthly. How much does she have in her account in two years?

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Answer #1

Monthly payment (A) = $500

Annual interest rate = 4.75%

Monthly interest rate (i) = 0.0475/12 = 0.0039583333

No. of monthly payment in two years(n) = 2*12 = 24

F = Future value

We can compute Account balance in two years (F) with following equation:

putting the values

by solving

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