Matt is saving to buy a new motorcycle. If he deposits $50

Last updated: 7/8/2022

Matt is saving to buy a new motorcycle. If he deposits $50 at the end of each month in an account that pays an annual interest rate of 5.5%, how much will he have in 30 months? Assume that the compounding is being done monthly. Matt will have $57 in 30 months. (Round to the nearest cent as needed.)