Mathematics, 19.07.2019 14:00 shradhwaip2426
In order to accumulate enough money for a down payment on a house, a couple deposits $300/month into an account paying 6% compounded monthly. if payments are made at the end of each period, how much money will be in the account in 5 years? what formula is required to complete this problem?
Answers: 1
![\bf ~~~~~~~~~~~~\textit{Future Value of an ordinary annuity}\\ ~~~~~~~~~~~~(\textit{payments at the end of the period}) \\\\ A=pymnt\left[ \cfrac{\left( 1+\frac{r}{n} \right)^{nt}-1}{\frac{r}{n}} \right]](/tpl/images/0108/1035/2fdf9.png)
![\bf A=300\left[ \cfrac{\left( 1+\frac{0.06}{12} \right)^{12\cdot 5}-1}{\frac{0.06}{12}} \right]\implies A=300\left[ \cfrac{(1.005)^{60}-1}{0.005} \right] \\\\\\ A=300(\stackrel{\approx}{69.770030509863214)}\implies A\approx 20931.009152958964](/tpl/images/0108/1035/96467.png)
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