If you deposit $300 a month, beginning next month, for 10 years into an account paying 8% per year, compounded monthly, how much is in your account after that last deposit?
Click on the arrows to vote for the correct answer
A. B. C. D. E.Explanation
On the BAII Plus, press 120 N, 8 divide 12 = I/Y, 0 PV, 300 PMT, CPT FV. On the HP12C, press 120 n, 8 ENTER 12 divide i, 0 PV, 300 PMT, FV. On the BAII
Plus, make sure the value of P/Y is set to 1. Note that the answer is displayed as a negative number.