Kelly Malone plans to have $51 withheld from her monthly paycheck and deposited in a savings account that earns 12% annually, compounded monthly. If Malone continues with her plan for one and one-half years, how much will be accumulated in the account on the date of the last deposit

$1,774.2

Explanation:

Compute the accumulated amount in the account on the date of last deposit'

Formula used to find out the future value ordinary annuity is:

Future value factor of ordinary annuity

1- oily Future value of ordinary annuity

Where:

R = annual return (ordinary annuity)

= future value of an ordinary annuity of I for n periods at i interest

Substituting the values:

Future value of ordinary annuity

                                                             =

                                                              =

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