Answered

Welcome to Westonci.ca, the ultimate question and answer platform. Get expert answers to your questions quickly and accurately. Discover comprehensive answers to your questions from knowledgeable professionals on our user-friendly platform. Join our Q&A platform to connect with experts dedicated to providing accurate answers to your questions in various fields.

London deposits $320 every month into an account earning a monthly
interest rate of 0.45%. How much would she have in the account after
11 years, to the nearest dollar? Use the following formula to determine
your answer.
-
A=d
a(" --
(1 + i)" – 1
i
A the future value of the account after n periods
d the amount invested at the end of each period
i the interest rate per period
n = the number of periods

Sagot :

Parrain

Based on the amount that London deposited every month and the number of years involved, London would have $57,515.16.

How much would London have in 11 years?

The amount that London deposits every month is an annuity because it is a fixed amount.

The value in 11 years is therefore the future value of an annuity which can be found as:

= Amount x ( (1 + rate) ^ number of periods - 1) / rate

The number of periods is:

= 11 years x 12 months

= 132 months

Future value is:
= 320 x ( ( 1 + 0.45%)¹³² - 1) / 0.45%

= $57,515.16

Find out more on annuities at https://brainly.com/question/9293270.

Visit us again for up-to-date and reliable answers. We're always ready to assist you with your informational needs. We appreciate your visit. Our platform is always here to offer accurate and reliable answers. Return anytime. Westonci.ca is your go-to source for reliable answers. Return soon for more expert insights.