Suppose a particular bank gives 5% interest on its savings accounts, compounded monthly. If one opens a savings account and deposits $ 200 each month for a total of 12 years, how much money will be in the account after the last deposit is made? Please help!!!

Question

anonymous · Answer

please help with the formula you are suppose to use for this one

anonymous · Answer

@imram you know this one?  off the top of my head i certainly do not

anonymous · Answer

$$-\frac{D \left(1-(1+R)^N\right)}{R}$$

anonymous · Answer

wow, nice. i kind of wish that the people posting these financial problems (there were 10 earlier) would include the formulas, which i assume they are given.  that would make it a lot easier to work out the problems

anonymous · Answer

This problem is so easy in Excel

anonymous · Answer

I think the asker is only interested in answer

anonymous · Answer

Thank you both very much for your help. I did not post the equation because I did not know which equation to use. I am interested in how to solve the problem, I am sorry for the confusion. I appreciate your help a lot.

anonymous · Answer

are you still in need of help?

anonymous · Answer

This is what I got as my equation, does it look correct?
A= (-200(1-(1+.05)^12))/(.05)

anonymous · Answer

As my final answer I got about $3,183.43

anonymous · Answer

Or would my n=144? Thank you so much for helping me! :)