Find the amount saved after 3 years of $250 is deposited monthly at a rate of 5.5%

asked Mar 19, 2019 216k views

4 votes

8.1k points

Please log in or register to add a comment.

3 votes

The answer would be $495 and in the picture it explains how I got that in steps.

Vaccano answered Mar 20, 2019

8.5k points

3 votes

chere is 3*12=36 months in three years. We will use then the following formula in order to compute the saving:

$250(1.055)^(36)=\$1718$

E Mett answered Mar 24, 2019

8.6k points

Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.

9.5m questions

12.2m answers