Audrey Q. answered • 12/17/19
Tutor
4.9
(579)
Financial Accounting, Managerial Accounting, Business, QuickBooks
Monthly Savings Amount = $200
Period = 4 years
Rate = 6% compounded monthly for one year
Rate = 8% compounded monthly after one year
Accumulated value = FV = [200 x ((1 + (0.06/12)^12)] x [(1+(0.08/12))^36]
Accumulated value = FV = [200 x (1.005)^12)] x [1.00667^36]
Accumulated value = FV = [200 x 1.0616778] x [1.00667^36]
Accumulated value = FV = [212.335] x [1.2703]
Accumulated value = FV = 269.716
