If the couple invests $781 monthly for a period of 6 years at a monthly compounded interest rate of 3%, it will have a total amount of $62,461.52 at the end of the period.
A compound interest can be referred to or considered as the interest that is charged over the principal amount of investment, as well as on the accumulated interest till the end of the period of investment.
For the above condition, the compounded interest generates an annuity as given in the calculations below,
Future Value = [A(1+r)^n] / [r]
Future Value = [781 (1+0.03)^12] / [0.03]
Future Value = $62,461.52
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