Tom's account begins with $500,
and earns 6% per year, compounded monthly. He deposits an additional
$50 at the end of each month. What will the balance be at the end of
The variables are:
|N = 12||I = 6/12||PMT = 50 increasing||PV = 500||FV = ???|
- The keystrokes are:
- 2nd FINANCE ENTER
Move the cursor to END, press ENTER
Move the cursor to FV, press ALPHA SOLVE.
The answer is $1,147.62, rounded to the nearest cent. The negative sign
indicates that the amount can be withdrawn from the account.