Question

Payments of $1100 per month are deposited into a fund at the end of each month for 11 years. If interest is 11.2% p.a. compounding monthly, the size of the fund at the end of 11 years will be (to nearest dollar but don’t include $ sign or commas):

Answer 1

Investment is made at the end of each month hence first month interest is not considered.

Payment	RD	Begin Balance	Interest	Enging Balance
1	1100.00	0.00	0.00	1100.00
2	1100.00	1100.00	10.27	2210.27
3	1100.00	2210.27	20.63	3330.90
4	1100.00	3330.90	31.09	4461.98
5	1100.00	4461.98	41.65	5603.63
6	1100.00	5603.63	52.30	6755.93
7	1100.00	6755.93	63.06	7918.99
8	1100.00	7918.99	73.91	9092.90
9	1100.00	9092.90	84.87	10277.76
10	1100.00	10277.76	95.93	11473.69
11	1100.00	11473.69	107.09	12680.78
12	1100.00	12680.78	118.35	13899.13
13	1100.00	13899.13	129.73	15128.86
14	1100.00	15128.86	141.20	16370.06
15	1100.00	16370.06	152.79	17622.85
16	1100.00	17622.85	164.48	18887.33
17	1100.00	18887.33	176.28	20163.61
18	1100.00	20163.61	188.19	21451.80
19	1100.00	21451.80	200.22	22752.02
20	1100.00	22752.02	212.35	24064.37
21	1100.00	24064.37	224.60	25388.97
22	1100.00	25388.97	236.96	26725.93
23	1100.00	26725.93	249.44	28075.38
24	1100.00	28075.38	262.04	29437.41
25	1100.00	29437.41	274.75	30812.16
26	1100.00	30812.16	287.58	32199.74
27	1100.00	32199.74	300.53	33600.27
28	1100.00	33600.27	313.60	35013.88
29	1100.00	35013.88	326.80	36440.67
30	1100.00	36440.67	340.11	37880.78
31	1100.00	37880.78	353.55	39334.34
32	1100.00	39334.34	367.12	40801.46
33	1100.00	40801.46	380.81	42282.27
34	1100.00	42282.27	394.63	43776.91
35	1100.00	43776.91	408.58	45285.49
36	1100.00	45285.49	422.66	46808.16
37	1100.00	46808.16	436.88	48345.03
38	1100.00	48345.03	451.22	49896.25
39	1100.00	49896.25	465.70	51461.95
40	1100.00	51461.95	480.31	53042.26
41	1100.00	53042.26	495.06	54637.32
42	1100.00	54637.32	509.95	56247.27
43	1100.00	56247.27	524.97	57872.25
44	1100.00	57872.25	540.14	59512.39
45	1100.00	59512.39	555.45	61167.84
46	1100.00	61167.84	570.90	62838.74
47	1100.00	62838.74	586.49	64525.23
48	1100.00	64525.23	602.24	66227.47
49	1100.00	66227.47	618.12	67945.59
50	1100.00	67945.59	634.16	69679.75
51	1100.00	69679.75	650.34	71430.09
52	1100.00	71430.09	666.68	73196.77
53	1100.00	73196.77	683.17	74979.94
54	1100.00	74979.94	699.81	76779.76
55	1100.00	76779.76	716.61	78596.37
56	1100.00	78596.37	733.57	80429.93
57	1100.00	80429.93	750.68	82280.61
58	1100.00	82280.61	767.95	84148.57
59	1100.00	84148.57	785.39	86033.95
60	1100.00	86033.95	802.98	87936.94
61	1100.00	87936.94	820.74	89857.68
62	1100.00	89857.68	838.67	91796.35
63	1100.00	91796.35	856.77	93753.12
64	1100.00	93753.12	875.03	95728.15
65	1100.00	95728.15	893.46	97721.61
66	1100.00	97721.61	912.07	99733.68
67	1100.00	99733.68	930.85	101764.53
68	1100.00	101764.53	949.80	103814.33
69	1100.00	103814.33	968.93	105883.26
70	1100.00	105883.26	988.24	107971.51
71	1100.00	107971.51	1007.73	110079.24
72	1100.00	110079.24	1027.41	112206.65
73	1100.00	112206.65	1047.26	114353.91
74	1100.00	114353.91	1067.30	116521.21
75	1100.00	116521.21	1087.53	118708.74
76	1100.00	118708.74	1107.95	120916.69
77	1100.00	120916.69	1128.56	123145.25
78	1100.00	123145.25	1149.36	125394.60
79	1100.00	125394.60	1170.35	127664.95
80	1100.00	127664.95	1191.54	129956.49
81	1100.00	129956.49	1212.93	132269.42
82	1100.00	132269.42	1234.51	134603.93
83	1100.00	134603.93	1256.30	136960.24
84	1100.00	136960.24	1278.30	139338.53
85	1100.00	139338.53	1300.49	141739.03
86	1100.00	141739.03	1322.90	144161.92
87	1100.00	144161.92	1345.51	146607.43
88	1100.00	146607.43	1368.34	149075.77
89	1100.00	149075.77	1391.37	151567.14
90	1100.00	151567.14	1414.63	154081.77
91	1100.00	154081.77	1438.10	156619.87
92	1100.00	156619.87	1461.79	159181.65
93	1100.00	159181.65	1485.70	161767.35
94	1100.00	161767.35	1509.83	164377.18
95	1100.00	164377.18	1534.19	167011.36
96	1100.00	167011.36	1558.77	169670.14
97	1100.00	169670.14	1583.59	172353.72
98	1100.00	172353.72	1608.63	175062.36
99	1100.00	175062.36	1633.92	177796.27
100	1100.00	177796.27	1659.43	180555.71
101	1100.00	180555.71	1685.19	183340.89
102	1100.00	183340.89	1711.18	186152.07
103	1100.00	186152.07	1737.42	188989.49
104	1100.00	188989.49	1763.90	191853.40
105	1100.00	191853.40	1790.63	194744.03
106	1100.00	194744.03	1817.61	197661.64
107	1100.00	197661.64	1844.84	200606.48
108	1100.00	200606.48	1872.33	203578.81
109	1100.00	203578.81	1900.07	206578.88
110	1100.00	206578.88	1928.07	209606.95
111	1100.00	209606.95	1956.33	212663.28
112	1100.00	212663.28	1984.86	215748.13
113	1100.00	215748.13	2013.65	218861.78
114	1100.00	218861.78	2042.71	222004.49
115	1100.00	222004.49	2072.04	225176.54
116	1100.00	225176.54	2101.65	228378.18
117	1100.00	228378.18	2131.53	231609.71
118	1100.00	231609.71	2161.69	234871.40
119	1100.00	234871.40	2192.13	238163.54
120	1100.00	238163.54	2222.86	241486.40
121	1100.00	241486.40	2253.87	244840.27
122	1100.00	244840.27	2285.18	248225.45
123	1100.00	248225.45	2316.77	251642.22
124	1100.00	251642.22	2348.66	255090.88
125	1100.00	255090.88	2380.85	258571.73
126	1100.00	258571.73	2413.34	262085.06
127	1100.00	262085.06	2446.13	265631.19
128	1100.00	265631.19	2479.22	269210.41
129	1100.00	269210.41	2512.63	272823.04
130	1100.00	272823.04	2546.35	276469.39
131	1100.00	276469.39	2580.38	280149.77
132	1100.00	280149.77	2614.73	283864.50