Decides to save for down payment on new car

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A young engineer decides to save for a down payment on a new car to be purchased 38 months from now. He decides to deposit $ 58 per month into a savings account that earns e. 5% interest per month (compounded monthly). He plans to make a series of 2e with the first deposit scheduled for one month from today. After the 20th payment, the account will receive no more deposits, but will receive monthly interest compounded in the balance at the end of each sonth for another 10 months. How much will be in the account at the end of the 20-month period? regular monthly deposits,

Reference no: EM131839913

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