Question 1198971


{{{FV = P*(((1+r)^n-1)/r)}}}


where  {{{FV}}} is the future value of the account 
{{{ P}}} is your monthly payment 
{{{r }}}is the annual percentage rate presented as a decimal 
{{{n }}}is the number of payments (= the number of years multiplied by {{{4}}}, in this case)


Under the given conditions, {{{P = 700}}};  {{{r = 0.08/4=0.02}}}; {{{ n = 4*12=48}}}.  

So, according to the formula above, you get at the end of the {{{12}}}-th year

{{{FV = 700*(((1+0.02)^48-1)/0.02)}}}

{{{FV =55547.46}}}