Respuesta :

Answer:  523597

Work Shown

  • P = deposit per month = 1600
  • i = monthly interest rate in decimal form = 0.024/12 = 0.002
  • n = number of months = 12*21 = 252

A = P*( (1+i)^n - 1 )/i

A = 1600*( (1+0.002)^252 - 1 )/0.002

A = 523597.118015135

A = 523597

You can use a TVM (time value of money) calculator to verify the answer is correct.