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3. Starting today, Armand deposits $100 in a savings account at the beginning of each month. If the account earns 6% annually, what is the account value after 6 years

Respuesta :

Answer:

$8,684.09

Explanation:

Basically we use the FV formula so that the future value could come and the calculation is shown in the attachment

Given that,  

Present value = $0

Rate of interest = 6%  ÷ 12 months = 0.5%

NPER = 6 years  × 12 months = 72 months

PMT = $100

The formula is shown below:

= -FV(Rate,NPER,PMT,PV,type)

So, after solving this, the future value is $8,684.09

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