Answer: 523597
Work Shown
- P = deposit per month = 1600
- i = monthly interest rate in decimal form = 0.024/12 = 0.002
- n = number of months = 12*21 = 252
A = P*( (1+i)^n - 1 )/i
A = 1600*( (1+0.002)^252 - 1 )/0.002
A = 523597.118015135
A = 523597
You can use a TVM (time value of money) calculator to verify the answer is correct.
