SOLUTION: If I invested $400 per month for 20 years at 6% APR compounded monthly. How much would I have after 20 years? How is the formula used in this instance?

SOLUTION: If I invested $400 per month for 20 years at 6% APR compounded monthly. How much would I have after 20 years? How is the formula used in this instance?

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Question 1125242: If I invested $400 per month for 20 years at 6% APR compounded monthly. How much would I have after 20 years?

How is the formula used in this instance?

Answer by Boreal(15235) (Show Source): You can put this solution on YOUR website!
Future value=P(1+i)^N-1/i, where i is 0.06/12 and N=n*12 or 240 here
=400(1+.005)^240-1/.005
=$184,816.36, rounding at end.
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