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Mr. smith wants to save for his son's college education. if he deposits $250 each month at 7% compounded monthly, how much will he have in the account after 39 months?

Respuesta :

First find out how much interest earned each month by multiplying .07 x 250.00 = 17.50.

Now Mr. Smith deposits 250.00 + 17.50(interest earned) = 267.50 per month

New monthly deposit is 267.50

(New monthly deposit)   267.50 x 39 (months) = 10,432.50

Mr. Smith will have 10,432.50 in the account after 39 months. 

 

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