In order for Miles to purchase a boat in eight years, he will deposit $150 every quarter to a savings account with 2.98% interest, compounded monthly. What is the future value of this account in eight years?
$5,412.92
$5,426.36
$16,238.76
$16,279.09

Question

In order for Miles to purchase a boat in eight years, he will deposit $150 every quarter to a savings account with 2.98% interest, compounded monthly. What is the future value of this account in eight years?
 $5,412.92
 $5,426.36
 $16,238.76
 $16,279.09

anonymous · Answer

@Preetha @uri @nickirivera @Shikanu  help[ her please

anonymous · Answer

do u know the compound interest formula?

uri · Answer

$$A=P(1+r)^nt$$ Compound interest formula...make the data first.

anonymous · Answer

what was his original amount of money in the account?

uri · Answer

r=2.98 =0.298
t=time 8 years.
A=$150