RI 3296H 4:52 PM LTE MAT130-T5103-17EW5 April Jackson | 6/28/17 4:52 PM Test: 8-

Question

RI 3296H 4:52 PM LTE MAT130-T5103-17EW5 April Jackson | 6/28/17 4:52 PM Test: 8-3 MyMathLab Exam: Chapter F Submit Test This Question: 1 pt 12 of 15 (0 complete) This Test: 15 pts possibl Question Help In order to accumulate enough money for a down payment on a house, a couple deposits $658 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 3 years? Type the amount in the account $ (Round to the nearest dollar.) Enter your answer in the answer box.

Explanation / Answer

Monthly deposits: $658 at the end of each month
Interest earned: 6% compounded 12 times per year
find balance after 3 years
If I got that right, then:
658{[(1+(0.06/12)]^(12*3)-1}/(0.06/12)
= 658(1.197-1)/0.005

= 658(39.4) = $25925.2

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