John already has 92,380 in his savings account, to which he will add $131.45 end-of-month payments...
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John already has 92,380 in his savings account, to which he will add $131.45 end-of-month payments for 5 years. The interest rate is 1.52% compounded monthly. At the end of the first 3 years, he will also deposit $550. a) How much is his balance right after the $550 deposit? b) How much will he have at the end of 5 years? Input the (a) balance in the Answer box; the final balance (b) in the second box, show 2 decimals. Example: Answer: 98,765.43, units: 123,456.78 John already has 92,380 in his savings account, to which he will add $131.45 end-of-month payments for 5 years. The interest rate is 1.52% compounded monthly. At the end of the first 3 years, he will also deposit $550. a) How much is his balance right after the $550 deposit? b) How much will he have at the end of 5 years? Input the (a) balance in the Answer box; the final balance (b) in the second box, show 2 decimals. Example: Answer: 98,765.43, units: 123,456.78
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