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28 February, 03:30

In order to accumulate enough money for a down payment on a house, a couple deposits $584 per month into an account paying 6% compounded monthly. If payments are made at the end of each period, how much money will be in the account in

5 years?

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  1. 28 February, 07:39
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    Okay so if i'm understanding this correctly which I may not be. If they are putting in $584 per month and with the account the bank will add 6% of what they are adding every month then this would be the problem

    6% of $584 is 35.04 and 35.04 + 584 = 619.04 so every month they are putting in 619.04 then to find out how much they are putting in per year I just did 619.04 * 12 = 7428.48 so every year they are putting in 7428.48 but it wants to know how much money will be in the account in five years so that would be 7428.48 * 5 = 37142.4 By the way I'mm still not sure if this is how they want you to answer the questions but that is the answer I got.
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