John and Alice want to purchase a house. Suppose they invest dollars per month into a mutual fund. How much w

Question

John and Alice want to purchase a house. Suppose they invest 400dollars per month into a mutual fund. How much will they have for a downpayment after 9 years if the per annum rate of return of the mutual fund is assumed to be 9.5 percent compounded monthly?

Answer 1

400(1+.095/12)^(9*12)= ?

?= money available