You will have 1649727 in an account at the end of 5 years if

You will have $16,497.27 in an account at the end of 5 years if you deposit $200 at the beginning of each month and the account is paying a nominal 12 percent per year, compounded monthly. I need help with the step by step on a FIN calc.

Solution

Solution:

Future value = d*(((1 + i)^t - 1)/i)*(1 + i)

= 200 * (((1 + 0.01)⁶⁰ - 1) / 0.01) * (1 + 0.01)

= $16,497.27

Amount at the end of 5 years = $16,497.27