Business, 29.10.2019 19:31 viktoria1198zz
The pirerras are planning to go to europe 2 years from now and have agreed to set aside $170/month for their trip. if they deposit this money at the end of each month into a savings account paying interest at the rate of 5%/year compounded monthly, how much money will be in their travel fund at the end of the second year?
Answers: 1
![\frac{PMT}{r} [(1+r)^{n} -1]](/tpl/images/0351/4165/68c70.png)
![(170/0.0041667)*[(1+\frac{0.05}{12} )^{24} -1]= $4281.606](/tpl/images/0351/4165/e4915.png)
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