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?
Answer by Boreal(15235)   (Show Source):
You can put this solution on YOUR website! 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.
P=$44,667.91.
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Check:
72 payments of $567=$40824, so the answer is reasonable.
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