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17 August, 23:51

In order to accumulate enough money for a down payment on a house, a couple deposits $316 per month into an account paying 6% compounded monthly. If payment are made at the end of each period, how much money will be in the account In 3 year?

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  1. 17 August, 23:53
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    0.06 (316x) + 316x

    x = 36

    0.06 (11376) + 11376

    682.56 + 11376

    12058.56

    $12058.56 will be in the account in 3 years
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