14-08-2018
Mathematics

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$1000 is deposited at the end of each month for the next 3 months and interest rate is 6% compounded monthly what is the accumulated future value by the end of month 3?

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Asdfjkadfjkakjf Asdfjkadfjkakjf

14-08-2018

at 6% monthly compound interest

$1000 after 1 month becomes $1000*1.06 = $1060

$1000 after 2 months becomes $1000*1.06*1.06 = $1123.6

total end of month 3 = 1000+1060+1123.6 = $3183.6

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zlskfrum zlskfrum

14-08-2018

$1000* (1+1.06+1.06^2)

=$3183.6

Answer Link

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