HW 3B

Question 3

This set of problems is designed to be calculated using the Excel or financial calculator. You can also use algebraic formulas. Do not use financial tables to calculate these problems.

You plan to buy a house in 10 years. You want to save money for a down payment on the new house. You are able to place $301 every month at the end of the month into a savings account at an annual rate of 8.09 percent, compounded monthly. How much money will be in the account after you made the last payment?

Round the answer to two decimal places.

Your Answer: