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Math Help - Monthly deposits to bank with PA interest rate - after X years

  1. #1
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    Monthly deposits to bank with PA interest rate - after X years

    I'm having very hard time figuring out how to solve this problem in a simple way, I mean there has to be one, right?
    Problem: You deposit $250 every month to a bank account and never withdraw from it, the bank account has a 3% per annum (yearly) interest rate. How much money is there on the account after lets say 5 years?
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  2. #2
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    Re: Monthly deposits to bank with PA interest rate - after X years

    use the compound amount factor(1+i)^n -1/i whereR is given and S = final sum S =R* Factor
    i is monthly interest
    n= number of payments
    R is monthly payment
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  3. #3
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    Re: Monthly deposits to bank with PA interest rate - after X years

    Unfortunately I'm still having problems getting it. How is the monthly interest expressed in that factor?
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  4. #4
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    Re: Monthly deposits to bank with PA interest rate - after X years

    Got it done finally. Thanks for the help.
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