Andrew is saving for a round the world trip once he graduates from Otago. He has agreed to deposit $100 into a savings account at the end of each month for the next three years, starting next month. In addition, his parents will deposit $5,000 into the account at the end of each year. If the account pays 13% per annum with monthly compounding, how much money will Andrew have in the account at the end of the third year? Round your answer to the nearest penny.

Answer rating: 100% (QA)

To calculate the total amount of money Andrew will have in the account at the end of the third year well need to consider both his monthly deposits an... View the full answer