Question #178872

Ashley makes deposits of $293 monthly (at the end of each month) into an account that pays 1.7% interest compounded monthly.

How much money will be in the account after 5 years?

Expert's answer

Given the following:

P=$293, r= 1.7%(0.017), n= 5, and m= 12

The FV of the deposits is given as

The amount in the account after 5 years will be $183661.93

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