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Sagot :
Answer:
- Annabella will save $4950.11 after 2 years.
Step-by-step explanation:
Given
- Periodic payment P = $200,
- Period t = 2 years,
- Number of compounds, monthly n = 12,
- Interest rate, r = 3.2% = 0.032.
To find
- Future value of saving, F
Solution
Use periodic compound formula:
[tex]F=P\cfrac{(1+r/n)^{nt}-1}{r/n}[/tex]
Substitute the values and calculate:
[tex]F=200\cfrac{(1+0.032/12)^{12*2}-1}{0.032/12} =4950.12[/tex] rounded
Step-by-step explanation:
Given
- P = $200,
- t = 2 years,
- n = 12,
- [tex] \sf \: r = 3.2\% = \frac{3.2}{100} = 0.032[/tex]
To find
- Future value of saving
Solution
Use periodic compound formula:
[tex] \sf \: F=P\cfrac{(1+ \frac{r}{n})^{nt}-1}{\frac{r}{n}}[/tex]
Substitute the values and calculate:
[tex]\sf \: F=200\cfrac{(1+ \frac{0.032}{12})^{12 \times 2}-1}{\frac{0.032}{12}}[/tex]
[tex]\sf \: F=200\cfrac{( \frac{ 12 + 0.032}{12})^{24}-1}{\frac{0.032}{12}}[/tex]
[tex]\sf \: F=200\cfrac{( {11.002 }{})^{24}-1}{0.002} [/tex]
[tex]\sf \: F=200 \times 24.7506[/tex]
[tex]\sf \: F=4950.12rounded[/tex]
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