Yefim S. answered • 12/17/20

Math Tutor with Experience

FV = PMT((1 + i)^{nt }-1)/i

Given: PMT = $254, i = r/n = 0.06/12 = 0.005, t = 6 years

FV = 254((1 + 0.005)^{12·6} - 1)/0.005 = $21947.85

Jerry N.

asked • 12/17/20In order to accumulate enough money for a down payment on a house, a couple deposits $254 per month into an account paying 6% compounded monthly. If payments are made at the end of each period, how much money will be in the account in 6 years?

Type the amount in the account: $ _________

(Round to the nearest dollar.)

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Yefim S. answered • 12/17/20

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Math Tutor with Experience

FV = PMT((1 + i)^{nt }-1)/i

Given: PMT = $254, i = r/n = 0.06/12 = 0.005, t = 6 years

FV = 254((1 + 0.005)^{12·6} - 1)/0.005 = $21947.85

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