Possible one-penny rounding issue

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An account starts with a value of $6,800. It earns 5.1%, compounded monthly. $100 is added to the account at the end of each month. What will the account balance be after 42 years? Note: It is important that you do TWO calculations and round each one to the nearest penny to avoid a possible one-penny rounding issue. Answer = $ (Round to the nearest cent/penny) (When writing up your problem, be sure to write out the general formula you use and show how you use the formula with information given to you.)

Reference no: EM132410867

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