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Interest: You deposit $100 each month into a savings account
- Thread starter andi78
- Start date
That's known as "future value of an annuity"; go here:
http://www.getobjects.com/Components/Fi ... M/fva.html
http://www.getobjects.com/Components/Fi ... M/fva.html
Another question
Thank you. I tried to do a similar problem, with only small differences. This is it. "You deposit $130 each month into a savings account that pays 5.5% compounded monthly. How much interest will you have earned after 8 years?"
How is this so far?
A=P(1+r)^n
A=130(1+0.055)^96
=22191.13304
=22,191.13 INTEREST
I'm terrible at math, I have no idea if this is even close to the answer.
Thank you. I tried to do a similar problem, with only small differences. This is it. "You deposit $130 each month into a savings account that pays 5.5% compounded monthly. How much interest will you have earned after 8 years?"
How is this so far?
A=P(1+r)^n
A=130(1+0.055)^96
=22191.13304
=22,191.13 INTEREST
I'm terrible at math, I have no idea if this is even close to the answer.