Answer:
FV= $242,731.14
Step-by-step explanation:
Giving the following information:
Annual investment (A)= $755
Number of periods (n)= 23*12= 276 months
Interest rate (i)= 0.013/12= 0.0010833
To calculate the future value, we need to use the following formula:
FV= {A*[(1+i)^n-1]}/i
A= monthly deposit
FV= {755*[(1.0010833^276) - 1]} / 0.0010833
FV= $242,731.14
