Homework Answers
Monthly deposit = $629
Annual interest rate = 3.00%
Monthly interest rate = 3.00% / 12
Monthly interest rate = 0.25%
Period = 6 years or 72 months
Accumulated sum = $629*1.0025^71 + $629*1.0025^70 + … +
$629*1.0025 + $629
Accumulated sum = $629 * (1.0025^72 - 1) / 0.0025
Accumulated sum = $629 * 78.779387
Accumulated sum = $49,552.23
So, the amount in the account after 6 years is $49,552.23
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