Question

Travis decided to put $380 in his savings account at the end of every month. Find the amount he has at the end of 7 years, if the money is worth 5% compounded monthly.

Answer 1

annuity

Answer 2

do u have annuity formula ?

Answer 3

What is said formula?

Answer 4

here is the formula :

Final Value = \(\large C\bullet \frac{(1+i)^{nt}-1}{i}\)

Answer 5

i = interest rate. I assume in decimal form?

Answer 6

\(C \) : Cash payment each period
\(i \) : interest rate per period = r/n
\(n\) : compounding intervals per year
\(t\) : number of years

Answer 7

Thank you.

Answer 8

http://www.wolframalpha.com/input/?i=380*%28%281%2B0.05%2F12%29%5E%2812*7%29+-+1%29%2F%280.05%2F12%29

Answer 9

Thank you, again.

Answer 10

np :)