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
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?