Question

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

Answer 1

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

Answer 2

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`