SOLUTION: You are saving to buy a car, and you deposit $150 at the end of each month for two years at an APR of 4.8% compounded monthly. What is the future value for this savings arrangement

Question 1119067: You are saving to buy a car, and you deposit $150 at the end of each month for two years at an APR of 4.8% compounded monthly. What is the future value for this savings arrangement? That is, how much money will you have for the purchase of the car after two years? (Round your answer to the nearest cent.)
Answer by ikleyn(52847) (Show Source): You can put this solution on YOUR website!
.

Future value =  = 3770.56 dollars.

See the Ordinary Annuity formula in the lesson
- Ordinary Annuity saving plans and geometric progressions
in this site.

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