If a student makes monthly deposits of 1,200 into an account with a nominal annual interest rate of 4.5% compounded monthly, will he have enough after 5 years to purchase a $105,000 property in cash?
View attachment 23338
However, the answer used i = 4.5%/12 = 3.75%
Where is my mistake in using the formula?
View attachment 23338
However, the answer used i = 4.5%/12 = 3.75%
Where is my mistake in using the formula?
