Given:
monthly deposit, A=100
rate of interest, i = 1% per month = 0.01 per period
compounding period = 1 month (assumed).
Total payments :
n=60 payments of $100 at the end of the month (beginning of the next month) +
1 payment at the beginning of the first month.
Future value after 60 months
= amount due to 60 monthly payments at end of month + value of first payment
= A((1+i)^n-1)/i + A*(1+i)^60
=100(1.01^60-1) + 100(1.01^60)
= 8166.967 + 181.670
= 8348.64 (to the nearest cent)
