SOLUTION: Henry deposits $300 each month into an account paying annual interest of 8% compounded monthly. How much will his account have in it at the end of 16 years? A. $116,162.74 B. $11

Question 1060263: Henry deposits $300 each month into an account paying annual interest of 8% compounded monthly. How much will his account have in it at the end of 16 years?
A. $116,162.74
B. $110,765.08
C. $51,073.38
D. $91,074.59
Answer by addingup(3677) (Show Source): You can put this solution on YOUR website!
If the additional deposits are made at the END of the moth:
PMT*(((1+r/n)^nt-1)/(r/n))
:
If the additional deposits are made at the BEGINNING of the month:
PMT*(((1+r/n)^nt-1)/((r/n)*(1+r/n)))
:
Plug in your numbers and solve. For solving, remember PEMDAS (Parentheses, Exponents, Multiplication and Division, and Addition and Subtraction)
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