Answer to Question #171438 in Economics for King

Question #171438

Future value of ordinary annuity

how much will 8,000 deposited at the end of each month into savings account be worth after two years , at 6% interest compounded monthly?

Expert's answer

"FVa = \\frac{8,000\u00d7((1 + 0.06\/12)^{24} - 1)} {0.06\/12} = 203,455.64."

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