Find the amount of an annuity that consists of 29 monthly payments of $600 each into an account that pays 3% interest per year, compounded monthly. (Round your answer to the nearest cent.)

I got 27,131.35

help its wrong -_-!

Question

Find the amount of an annuity that consists of 29 monthly payments of $600 each into an account that pays 3% interest per year, compounded monthly. (Round your answer to the nearest cent.)

I got 27,131.35 

help its wrong -_-!

anonymous · Answer

so pissed off what is an easier way to do it in a calculator !?

mathmate · Answer

Try using
i=0.03/12=0.0012
n=29
P=payment per period
Amount accumulated =(P(1+i)^n)/i 
I get about $18023