The savings plan formula is shown below, where A is the accumulated savings plan balance, PMT is the regular payment (deposit) amount, APR is the annual percentage rate (as a decimal), n is the number of payment periods per year, and Y is the number of years.
AequalsPMT times StartStartFraction left bracket left parenthesis 1 plus StartFraction APR Over n EndFraction right parenthesis Superscript left parenthesis nY right parenthesis Baseline minus 1 right bracket OverOver left parenthesis StartFraction APR Over n EndFraction right parenthesis EndEndFraction.
Find the savings plan balance after 6 months with an APR of 9% and monthly payments of $100.