Find the amount saved after 3 years of $250 is deposited monthly at a rate of 5.5%

asked Mar 19, 2019 216k views

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3 votes

The answer would be $495 and in the picture it explains how I got that in steps.

Vaccano answered Mar 20, 2019

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3 votes

chere is 3*12=36 months in three years. We will use then the following formula in order to compute the saving:

$250(1.055)^(36)=\$1718$

E Mett answered Mar 24, 2019

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