Question

Suppose a particular bank gives 3% interest on its savings accounts, compounded monthly. If one opens a savings account and deposits $ 300 each month for a total of 11 years, how much money will be in the account after the last deposit is made?

Answer 1

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

Answer 2

D=300
R= .3/(100*12)
n=11*12

Answer 3

I plugged in those numbers into the equation and got 0 which is incorrect