SOLUTION: You deposit $ 150 into an account at the beginning of each month. The bank pays you 3 % interest per year, compounded monthly. At the end of 6 years, after 72 payments, what will y
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Question 1201068: You deposit $ 150 into an account at the beginning of each month. The bank pays you 3 % interest per year, compounded monthly. At the end of 6 years, after 72 payments, what will your account contain? Answer by Theo(13342) (Show Source):
You can put this solution on YOUR website! you will have 11,846.45 at the end of 6 years.
calculator used is at https://arachnoid.com/finance/
here are the results.
payments are negative because it's money spent.
future value is positive because it's money received.
interest rate per month is 3/12 = .25%
payments are made at the beginning of each time period.
number of months is 6 years * 12 = 72 months.
