SOLUTION: Suppose you invest $78 a month in an annuity that earns a 2.8% APR, compounded monthly. How much money will you have in this account after 4 years?

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Question 1113630: Suppose you invest $78 a month in an annuity that earns a 2.8% APR, compounded monthly. How much money will you have in this account after 4 years?

Answer by ikleyn(52776) About Me  (Show Source):
You can put this solution on YOUR website!
.
How much money will you have in this account after 4 years = 


= 78%2A%28%281%2B0.028%2F12%29%5E%284%2A12%29-1%29%2F%280.028%2F12%29 = 3956.84.


Answer.  $3956.84.

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