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How much will you have in 48 months if you invest $73 a month at 12?%...

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Finance

How much will you have in 48 months if you invest $73 a month at12?% annual? interest?

Answer & Explanation Solved by verified expert
4.2 Ratings (832 Votes)

A/c balance after 48 months P×[(1+r)^n-1]÷r
Here,
1 Interest rate per annum 12%
2 Number of years                                         4
3 Number of payments per per annum                                       12
1÷3 Interest rate per period ( r) 1%
2×3 Number of periods (n) 48
Payment per period (P) $                                  73
A/c balance after 48 months $          4,469.25
73*((1+1%)^48-1)/1%

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How much will you have in 48 months if you invest $73 a month at12?% annual? interest?

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