Time value of money-calculate this problem long-hand

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Reference no: EM131611935

Julian is going to deposit $50 into an interest-bearing account each time he is paid for the next 4 years. Julian is paid every month and he earns 3% interest compounded monthly.

Instead of consulting the time value of money charts or a calculator, calculate this problem “long-hand”.

Explain the formula you used, each component of the formula, which numbers you plugged into the equation and why, and how you knew which formula to use.

Reference no: EM131611935

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