saving up some money and depositing $350 every month into account with 3.5% interest rate compounded monthly.

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Question:

a) How much money should I have saved up after 5 years?

b) When I checked, my account had $22,537.80. Thinking back, I realized that I did forget one payment but can't remember exactly when it was. Which payment I forgot to deposit?

I got 22,913.14 for part a. I do not know how to do part b. I am doing all calculations by hand.

Related Book For answer-question

Entrepreneurship

ISBN: 9781119563099

5th Edition

Authors: Andrew Zacharakis, William D Bygrave

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Posted Date: May 11, 2024 02:53 PM

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saving up some money and depositing $350 every month into account with 3.5% interest rate compounded monthly.

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Expert Answer:

a To calculate the amount of money you should have saved up after 5 years we can use the formula for ... View the full answer

Entrepreneurship

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