Question

Bob needs $3852 to have some repairs done on his house. He decides to deposit $150 at the end of each month into an annuity earning 7% interest compounded monthly. When will he be able to do the repairs? (Round your answer to the nearest month.)

Answer 1

3852 = 150(1.07)^t

Answer 2

Thank you so much!
It's 24 months :)

Answer 3

3852 = 150*[(1.005833)^t - 1)/0.005833]
This is a future value problem involving a geometric series of payments
not a simple compound interest problem
but yes the answer is 24