document.write( "Question 1069013: In order to accumulate enough money for a down payment on a house, a couple deposits $ 567 per month into an account paying 3 % compounded monthly. If payments are made at the end of each period, how much money will be in the account in 6 years? \n" ); document.write( "

Algebra.Com's Answer #684282 by Boreal(15235) $\"\"$ $\"About$

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P=567(1+(.03/12))^72-1/(.03/12) round at end. Do the parentheses in the numerator first, raise to the power, subtract 1, divide by (.03/12) and multiply by 567 (or the last two reversed.
\n" ); document.write( "P=$44,667.91.
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\n" ); document.write( "Check:
\n" ); document.write( "72 payments of $567=$40824, so the answer is reasonable.\r
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